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 ?
Obaseki said the institution had no reasons to still be operating a non-contributory pension scheme when ministries in the state where already benefiting from the contributory pension scheme.
"We are a bit of a disgracehellip the only monument you are likely to get is that of politicians who have their own sordid side."Bungoma Senator Moses Wetangula proposed that a non-contributory pension scheme should be established to give the athletes the opportunity to earn a living once age catches up.
The palace offers a competitive salary, benefits and a 15 percent non-contributory pension scheme for the positions.
It doesn't come with accommodation but it has a non-contributory pension scheme.
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.
My first job (probably 12.5 per cent of my working life) was not particularly well paid, but in compensation, there was a non-contributory pension scheme. Having written to my ex-employer I received the reply that as I left prior to 1972, I was regarded as an early leaver under subsequent legislation, and not entitled to any pension.
Also, the Bureau of Local Government Pensions hinted that it had paid a total of N4.76 Bn monthly cumulative pensions under non-contributory pension scheme to 10, 466 retirees on its payroll between January and August this year.
Additional benefits include a non-contributory pension scheme, life assurance and shopping discounts.

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