Money Purchase Scheme

Money Purchase Scheme













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Money Purchase Scheme

Also sometimes known as a defined contributions scheme, a money purchase scheme provides a pension based on a pension fund accumulated from regular contributions and/or a lump sum, as well as the return on the fund’s investments. On retirement, the pension fund will be used to buy an annuity to provide regular pension income. These schemes can be either a private pension plan or an occupational pension scheme, and they are the most common form of pension saving in the UK private sector.