The pensions practice at Simmons & Simmons is a part of our market leading international employment practice. The widespread use of the term pension is to explain the payments a person receives upon retirement, often beneath pre-determined authorized or contractual terms. Paying right into a pension will get all taxpayers a tax break. Many nations offer state-sponsored retirement advantages, beyond these provided by employers, that are funded by payroll or other taxes.
This all stems from a elementary misunderstanding of what a private pension is. It is merely a tax-free wrapper to save money for retirement. Pension plans are subsequently … Read the rest