Creating Wealth, Making Money, Investing Wisely, Pensions

Employers can set up occupational schemes for their employees.  In the public sector, a public sector occupational scheme will typically remunerate 1/80 of final salary for each year of service with a maximum multiple of 40 years of service and this will be in addition to 1.5 x final remuneration salary.  With private sector schemes, which are either defined benefit schemes or money purchase schemes (known as defined contribution schemes), the level of income will be dependent on either the defined benefit or the contribution.