occupational pension scheme

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A pension scheme open to employees within a certain trade or profession or working for a particular firm. An occupational pension scheme can either be insured or self-administered. If it is insured, an insurance company pays the benefits under the scheme in return for having the premiums to invest. In a self-administered scheme, the pension-fund trustees are responsible for investing the contributions themselves. In the UK, occupational and other work-related pensions are regulated by the Pensions Regulator. See also defined-benefit pension scheme; defined-contribution pension scheme.

http://www.thepensionsregulator.gov.uk/ Website of the Pensions Regulator

Subjects: Financial Institutions and Services — Accounting.

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