2006-09-27 07:43:01 · 3 answers · asked by Anonymous in Travel ➔ United Kingdom ➔ London
It's a retirement plan sponsored usually by the employer.
2006-09-27 07:59:53 · update #1
Paultech, that's exactly what it is. Is it just called a "private pension"?
2006-09-27 08:14:29 · update #2
There is a British state pension, which ALL retired people are entitled to. You contribute to it throughout your working life as part of your taxes and national insurance. The retirement age for men is currently 65, and for women 60..although of course many people choose to continue working beyond that age.
Many British companies, although by no means all, offer their workers company pension schemes. Normally, workers agree to have part of their salary paid into the scheme, which is then speculated with on the stock market... with the idea being that any profits are paid back into the company pension fund. So its a potential risk that you might not end up with as much as you hope.
Increasingly, as the number of elderly people rises, the Government has encouraged people to start their own personal private pension schemes at an early age.
2006-09-28 01:17:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
no the uk doesnt have that, we do have private pension u can get from an employeer u put in money and they put in some and u get it when u retire, or transfer it to a new company u might work for.
2006-09-27 15:03:53 · answer #2 · answered by Paultech 7 · 0⤊ 0⤋
What is a 401k plan? If I knew what it was I could tell you if we have them or not...
2006-09-27 14:49:50 · answer #3 · answered by sarch_uk 7 · 0⤊ 0⤋