Employers may establish a private pension plan for the benefit of their employees, however, it is not mandatory under the Insurance Act 1998.
Private Pension plans generally offer a retirement objective, inclusive of
- Retirement Benefits
- Termination Benefits
- Disability Benefits
- Sickness Benefits
- Survivors’ Benefits
A private occupational pension plan or private pension plan is a legally binding contract with a retirement objective. This contract may be part of a broader employment contract or may be required by law.