A workplace pension, also known as an occupational pension, is a retirement savings plan offered by an employer. Employees contribute a portion of their monthly salary to the plan, and the employer often matches those contributions. The money in the plan grows over time, and can be withdrawn once the employee retires.
There are several advantages to having a workplace pension.
1) Workplace pension tax relief
Workplace pensions offer tax breaks. The money that is contributed to the plan is not subject to income tax, so employees can save more of their salary.
Workplace pensions often have low fees. This is because the employer often covers the cost of the plan
Workplace pensions are a great way to save for retirement. The money in the plan grows over time, and can be withdrawn once the employee retires.
Workplace pensions are regulated by the government, so employers cannot take the money out of the plan. This ensures that employees will have enough money to live on in retirement