Swotting up on Pensions

AlwaysLearnin

The HMRC site has lots of information too

http://www.hmrc.gov.uk/pensionschemes/index.htm

lindens

RichandJ wrote: »

Defined benefit or defined contribution schemes* ? Or both ? Or hybrid ?

Different skills & knowledge required. To do them anyway, to programme (check out my age & nationality with that spelling ), maybe not.

* aka final salary or money purchase.

sorry i dont know any of the lingo so none of those questions mean anything to me yet!

atush

There are 2 kinds of pensions in general.

One is final salary where each year you work 'buys' you one percentage of your final salary paid each year with indexing (ie it goes up with inflation). Defined benefit. Generally now only found int he public sector. All risk is ont he employer with these.

Second is money purchase. Defined contribution. This means both you ane your employer pay into a 'pot' in your name. Which is invested and grows over time. And at time of retirement you can use to buy an income. All risk here is with the employee to pay in enough and that you are invested in the right investments and they grow enough.