Retirement and Pensions Flashcards
(4 cards)
1
Q
State Pension
A
Less than 16,000 in savings
2
Q
Occupational Pension Schemes
A
Provided by employer to its employees
Defined Benefit = Salary Related
Final salary , average salary + Duration of employment with said company
Defined Contribution = Money purchase
Contribution from employee and employer (Plus500)
3
Q
Personal Pensions
A
Offered by commercial financial services E.G. DAD with FA
Personal Pension
Self invested Personal Pension )(SIIP)
Group personal Pensjon (GPPP) - grouping all employees with same provider
4
Q
SIIP
A
Not all assets HMRC approved
Some assets subject to tax
greater range of investments
