Traditionally, occupational schemes provided benefits
for employees linked to final salary; today employers
providing such schemes tend to be restricted to
government, local authorities or similar, or major
companies, although many of the latter have closed
these schemes. More usual today are money purchase
arrangements, under which a defined contribution
is paid. There are many ways to express the defined
contribution, but the common factor is that the
benefit at retirement depends upon the fund value
at that time.
Kingsworld has experience of all types of occupational
scheme, and can provide detailed guidance on introducing,
closing and terminating occupational schemes.
