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A pension provides income to live at retirement. Pensions are a form of saving for retirement with some tax advantages. When you retires at certain age a pension scheme pay you a regular income for life. There are currently 3 types of pensions.

	State Pension
	Personal Pension
	Company Pension

State Pension

State Pension is a government-administrated pension. It depends on the qualified years gained through National Insurance Contribution made during the working period. State Second Pension On 6 April 2002, the State Second Pension (S2P), introduced by the Child Support, Pensions and Social Security Act 2000 replaced the State Earnings Related Pension Scheme (SERPS). It is not available for self-employed individuals; SERPS was set up in 1975 by the Social Security Pension Act 1975 and began in 1978. It is independent of basic state pension entitlement and it is based on a proportion of earnings during your working life. S2P will initially start as an earnings-related scheme similar to SERPS and the build up will differ for each tax year depending on the individual’s earnings.

Personal Pension

Personal Pension was introduced on 1 July 1988, formerly aimed to give benefit to people who were not part of a company pension scheme, designed on a money purchase basis although since April 2001 certain individuals who are members of company pension schemes can also take out personal pensions. Personal Pension is available from bank, building societies and LIC’s for the investments or saving which you have done. Legislation for personal pensions and stakeholder pensions are identical

Company Pension

Company Pension is set by employers to present the pension at time of retirement to the employees. Employers can set up company (occupational) pension schemes for their employees.

Public sector schemes naturally offer pension accumulation of 1/80th of final remuneration for each year of service up to a maximum of 40 years plus a tax free lump sum. Private sector schemes can be defined benefit schemes or defined contribution schemes. Defined benefit scheme offer a guaranteed pension amount, generally based on salary and time served with an employer. Defined contribution scheme present pension contributions as investment and the final pension is based on the investment performance of the fund.

Other Schemes

Additional Voluntary Contribution : It has compulsory for companies to give employees the opportunity to invest additional contributions into their occupational scheme where there is one, in order to boost retirement benefits.

Free Standing Additional Voluntary Contribution : Free standing additional voluntary contribution schemes (FSAVC’s) were introduced in 1987. Pension Scheme is provided by pension provider rather than the trustees of the employee’s pension scheme.

Self Invested Personal Pension Schemes : From April 6th 2006 Government proposals for pension simplification came into effect. New proposal has lead an opportunities for people to invest their savings for the long term with greater flexibility and this help at retirement and to generate an income.

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