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I think this is very similar to 401(k) or IRA, or "self-invested personal pension", except that the law sets the percentage amounts for both employee and employ

by maratc 1y ago

I think this is very similar to 401(k) or IRA, or "self-invested personal pension", except that the law sets the percentage amounts for both employee and employer contributions.

Retric 1y ago
We don’t call a 401(k) or an IRA a pension. “A 401(k) is classified as a defined contribution plan while a pension is a defined benefit plan.“ https://www.investopedia.com/ask/answers/100314/whats-difference-between-401k-and-pension-plan.asp https://www.investopedia.com/ask/answers/100314/whats-differ... But there’s little point in arguing over definitions when it’s clear what’s actually going on.