Workplace pension

Types of pensions

A workplace pension scheme (also known as an occupational, employer, or company pension scheme) is one arranged by your employer and often run by trustees.They can be either defined benefit (DB) or defined contribution (DC) schemes, though all new schemes tend to be defined contribution given recent funding difficulties associated with DB schemes.

In general, defined contribution workplace schemes can take the following forms:

·      Occupational pension schemes, which are regular trustee-run DC schemes for employees

·      Workplace group personal pension schemes, which are personal pension schemes provided for a group of people rather than an individual

·      Master trusts, which are multi-employer occupational pension schemes (i.e. one provider combines and manages the pension schemes of a number of employers to reduce costs, etc.)

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