Is an occupational pension a good choice for me?
For people in work, occupational pensions are usually a very good way of saving for a second pension. But whether or not this type of pension arrangement is suitable for you will depend on your personal circumstances, such as your working patterns and your pay.
Most employers who provide occupational pension schemes contribute more to them than their employees, and some employers run schemes where you don’t have to pay any money at all. Employers must give you details about any scheme that you are eligible to join, and it is important that you check it out carefully when you are looking into your pension options. Most people who join an occupational pension scheme will be better off when they retire than if they had not joined it.
Occupational pension schemes also provide extra benefits, for example:
- a pension for your husband or wife if you die before he or she does (and sometimes to your partner if you are not married); or
- a pension if you become ill and have to retire early.
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