What is Umbrella Pension Scheme?

Umbrella Pension Scheme is a voluntary retirement benefits scheme. It's basically a savings arrangement for employees while still in-service so that when they retire, resign, pass on, the accumulated amount saved plus all the related interest is utilized to purchase an annuity for such a retiree. A pension is therefore paid to the individual who is part of the scheme if the above mentioned does occur to them. The amounts paid are accumulated for the period the member has been in service with interest.