| 单词 | personal pension scheme |
| 释义 | personal pension scheme personal pension scheme An arrangement in which an individual contributes part of his or her salary to a pension provider, such as an insurance company or a bank. The pension provider invests the funds so that at retirement a lump sum is available to the pensioner. This is generally used to purchase an annuity to provide regular pension payments, although from April 2014 this is no longer a legal requirement. In the UK it was formerly possible to contract out of the Second State Pension through a personal pension scheme; this option was removed in 2012. The administration of pensions is scrutinized by the Financial Ombudsman Service, which is empowered to deal with complaints relating to personal pension schemes. See alsostakeholder pension scheme. |
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