Mortgages and mortgage advice, this is your route

  Home  |  About Mortgages  |  Sourcing Tools  |  Calculators  |  Key Facts  |  A to Z       Contact Us
You are here: Mortgage Route > Glossary A to Z > Letter O
 

The Mortgage Route A to Z
Occupational pension scheme

This glossary or A to Z should help clear up any confusion as to what terms mean what in the mortgage and insurance industry

Did this page help you?

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Letter O

Occupational pension scheme

A pension scheme provided by an employer. 

There are two types of occupational pension scheme Final Salary and Money Purchase. 

Final Salary is salary and service, basically you get a fraction of pensionable salary for every year you work such as 1/60th so if you work 30 years you will get 30 times 1/60th of your final salary as a pension.

Money purchase is simple all you get is an income from the fund that is built up from the money you invest. So the more money you put in the more you get out and to most this is with very little limitations.

FSA declaration and important text about mortgage advice