ABSTRACT
The main source of most people’s retirement income is the pensions that they have built up while working. Most employees are automatically enrolled into a pension scheme at work. Pension schemes are intended mainly as a way of saving to provide an income in retirement. Pension schemes differ according to who runs them. They are occupational pension, workplace pension and personal pension schemes. Many employers have closed their defined-benefit pension schemes. Defined-benefit schemes are regulated by The Pensions Regulator. Many defined-benefit pension schemes do not have enough money to pay all the future pensions – the scheme has a deficit. If one is planning to transfer money out of a defined-benefit pension scheme, he/she may be required by law to first get advice from a professional financial adviser. Otherwise, employees can at any time yourself choose and contact a professional financial adviser to give employees advice about their pensions.
