2.7 Pension Plans Flashcards by Joanne Morris | Brainscape

Q

Is a personal pension a type of investment fund?

A

Yes

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Q

Is a personal pension tax efficient?

A

Yes

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Q

Name the types of personal pensions

A

Occupational pension

Personal pension plans

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Q

How do pensions work?

A

People pay money into a fund, which uses their money to invest in assets and to provide them with a retirement income

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Q

Who operates Occupational pensions?

A

Operated by employers, who may also pay contributions into them for their employees

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Q

Name the main types of occupational pension

A

Final salary schemes

Money purchase schemes

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