Occupational Pension Schemes (OPS)

Occupational Pension Schemes (OPS) are retirement plans set up by employers for their employees. Both the employer and employee contribute regularly to the scheme during employment. The contributions are invested over time to grow, with the aim of providing a lump sum or regular income when the employee retires. These schemes offer a structured way to save for retirement, often offering benefits like tax relief and security, and are usually managed by professional pension providers. Essentially, OPS helps employees build financial security for their post-work life, ensuring they have income after retiring from their job.