What are occupational pension plans?

If you are employed, you are entitled by law to have access to some form of pension plan through your job. Many companies provide their staff with an employer or occupational pension plan. If you company does not have one, by law your employer must offer you a standard PRSA.

An employer or occupational pension plan is one that is set up by an employer to provide pension and other benefits for employees. With this type of plan your employer must make a contribution. However there is no statutory minimum that they must pay.

If your employer offers you a Standard PRSA, they are not required by law to make any contribution. However they may choose to do so and this may be part of your terms of employment. To find out more about your company’s pension arrangements you should talk to your company’s HR representative.