The term ‘occupational pension scheme’ refers to the accumulation of a supplementary pension through the employer. In a traditional employer-funded occupational pension scheme, the employer bears the full cost of the contributions towards the future pension. However, employees may also allocate part of their gross salary towards an occupational pension (deferred compensation).

Company pensions are subject to tax at a later date.

Source reference: See the VDT publication “VDT Article Series, Part 5 | Glossary“ and the source cited there.