Occupational pensions

Occupational pensions, also known as workplace pensions, are retirement savings plans provided by employers for their employees. These pensions are designed to help workers save money for retirement, often through regular contributions from both the employee and employer. The funds are typically invested, aiming to grow over time, and employees receive payouts upon retirement. This type of pension can supplement state pensions, providing a more comfortable income in later years. They are a crucial component of financial planning for retirement, as they encourage saving and can offer tax benefits.