There are two key types of company pension plans - "contributory" and "non-contributory"

Company Pension Plans

A company pension plan is supplied by a company for its employees. There are two key types of company pension plans - "contributory" and "non-contributory".

A "non-contributory" pension plan will result in a retirement sum that contains only contributions made by your employer. A "contributory" pension plan is where employees make extra contributions to their pension on top of what their employer contributes. This will increase the sum employees will receive upon retirement.