A scheme set up by an employer to provide retirement benefits for its employees. Occupational pension schemes are regulated by the Pensions Regulator (www.practicallaw.com/9-201-5137) and generally fall into three categories:
Defined benefit (DB) schemes (www.practicallaw.com/A38337) (many of these are final salary schemes (www.practicallaw.com/A36092)).
Defined contribution (DC) schemes (www.practicallaw.com/A34830) (also called money purchase schemes (www.practicallaw.com/A36457)).
The statutory definition of an "occupational pension scheme" is contained in section 1 of the Pension Schemes Act 1993.