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Pensions

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Pensions are fundamentally unique compared to other forms of pay and benefits in that the reward is deferred for a significant period of time. An occupational pension scheme is the term used to describe a pension arrangement established by an Employer for the benefit of his Employees. The majority of medium and large Employers operate an occupational pension scheme for their Employees. They are intended to supplement the State pension. 

An occupational pension scheme is an arrangement in which payment of an income is made to an Employee following retirement from work or to his or her dependants on death. Membership of the scheme is restricted to individuals in the employment of the Organisation to which the scheme applies.

It is important to note that there is no obligation on an Employer to set up an occupational pension scheme. However they are generally considered to be an essential benefit to be provided in the attraction and retention of Employees.