noncontributory pension plan

(redirected from Non-Contributory Pension Scheme)

Noncontributory pension plan

A pension plan that is fully paid for by the employer, requiring no employee contributions.

Noncontributory Pension Plan

A pension where the pensioner (or employee) makes no contributions. Instead, the employer makes all contributions on the pensioner's behalf. This contrasts with most pension plans, where both employee and employer make contributions. See also: Matching Contribution, Contributory Pension Plan.

noncontributory pension plan

A pension plan in which the participating employees are not required to support the plan with contributions. Compare contributory pension plan.
References in periodicals archive ?
It doesn't come with accommodation but it has a non-contributory pension scheme.
The company also continues to run a final salary, non-contributory pension scheme open to new starters.
There is also a non-contributory pension scheme and a mileage allowance.
Chairman Charlie Mayfield praised staff, known as partners, who all have a stake in the business and who receive generous bonuses from annual profits as well as a non-contributory pension scheme.
The Bank pays top whack for the public sector - though less than the Financial Services Authority - and it has a terrific non-contributory pension scheme, reckoned to cost 41 per cent of pay-But it cannot match City bonuses.
Additional payments are made for hours spent away from the yard outside normal hours, and stable staff also qualify for a non-contributory pension scheme and a jointly funded accident benefit scheme.
The company that employ 3,000 in Merseyside is to end its long established non-contributory pension scheme for thousands of its staff that will effectively mean a cut in pay packets.
5 per cent of my working life) was not particularly well paid, but in compensation, there was a non-contributory pension scheme.
Additional benefits include a non-contributory pension scheme, life assurance and shopping discounts.
At the moment, all but the very smallest employers are obliged to provide a non-contributory pension scheme for their employees, but they cannot compel them to join.
These include a non-contributory pension scheme, discount on electrical appliances and free tea, coffee and soft drinks.
The group announced that, following a 12-month review of the scheme, staff who joined after April 1 this year would no longer be able to join its non-contributory pension scheme.

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