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Pensions

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Company pension schemes

More than 10 million people are members of company (or occupational) pension schemes. Companies are not obliged to set up their own schemes. But a good one can be a selling point in attracting and retaining the best employees.

Executive pensions

Directors, senior executives and other high earners have more pension choices than other employees. As a director, you can set up a pension scheme not only to fund your own retirement but also to benefit your company.

National Insurance and state pensions

All earners pay National Insurance contributions (NICs), which are effectively another tax. Employers not only pay 'employer contributions' for each employee, but also collect and forward their employees' contributions.

Personal pension schemes

The basic state pension, for an individual, is currently £67.50 per week. At the moment, the main option for individuals who are not in a company (or 'occupational') scheme is a personal pension. New stakeholder pensions, designed to be simple, secure and low cost, will be available from April 2001, and 'pre-stakeholder' schemes, with similar charges, are available already.

Stakeholder pensions

Stakeholder schemes were introduced by the Government to encourage people with moderate earnings to save for their retirement. They are intended to be low-cost, flexible and accessible to all.

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