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OCCUPATIONAL
PENSION SCHEME |
A
pension scheme, established under separate trust, set
up by a company, trade association or institution for
the specific benefit of employee(s). This is not the
same as a Group Personal Pension Scheme, or Group Stakeholder
Scheme which comprise a company sponsored group of individual
pension arrangements.
Final Salary Scheme
A company or occupational scheme (see above) whereby
your pension is based on your years of service in the
scheme and your final pay at the time you retire. A
typical final salary scheme might see you accrue pension
at a rate of 1/60ths of your final pay; thus, someone
retiring at the normal retirement age of the scheme
with 20 years service, earning £30,000 per year at retirement,
would have earned a pension of £10,000 per year.
Money Purchase Scheme
A company pension where contributions made by you
and / or your employer grow through investment return
so that the resulting pot of money is used to buy pension
benefits when you retire. The amount of pension that
you receive will depend upon the amount of money in
your "pension pot" and the rate at which the fund converts
into pension. This is known as the "annuity rate" and
will be based on your age at retirement and prevailing
annuity rates.
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Great British Finance
Limited are authorised and regulated by the
Financial Services Authority (FSA). The FSA
does not regulate some forms of Mortgage, Inheritance
Tax Planning, Credit Cards, Personal Loans,
Deposit Accounts & Insurance. If you are
submitting an online request, we would advise
to read our KeyFacts statement, links are at
the top and bottom of this page. |
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Questions? support@finanz.co.uk
Phone: (+0044) 0845 130 0009 Fax: (+0044) 0845 370 0021
©2003-2006 Great British Finance Limited, E&OE. All Rights Reserved.
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