Nowadays, this is more commonly called a workplace pension – though it is sometimes also known as employer, company, works or work-based pension schemes.
- You might still see ‘occupational pensions’ mentioned as a broader term to describe older pensions that were offered in the workplace before the automatic enrolment regulations came in.
- The People’s Pension is a master trust, which is a type of occupational pension scheme that meets additional regulations, including those required for auto-enrolment.
- Previously, many employers offered stakeholder pensions, defined benefit pensions and other solutions. But since the government’s automatic enrolment law, employers are either offering an auto-enrolment pension scheme like The People’s Pension or they may have adjusted their old pension scheme to make sure it meets the government’s regulations.