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Company Pension Schemes
Company pensions are set up by employers for their employees.
In most cases, your employer will make contributions to the scheme on your behalf and require that you make regular payments from your salary.
A company pension may also offer a death benefit, which is paid to your partner if you die before them. Your employer may also provide you with a pension before the normal retirement age of the scheme if you need to retire early due to ill-health.
However, if you leave your employer you are unlikely to be able to continue making payments into the pension scheme.
You get tax relief on your contributions to company pensions – up to an overall annual allowance. Some schemes may offer you the opportunity to carry on working while drawing your company pension.
If you wish to discuss the above further or require information on any of our services, then please contact us.
Any reference to legislation and tax is based on FPP’s understanding of UK law and HMRC practice. These may be subject to change in the future. Tax rates and reliefs will also change and their value to you will depend on your individual circumstances. No guarantees are given regarding the effectiveness of any of the above strategies.