A pension is the income received for a lifetime from an approved pension arrangement, and also from a non-approved pension arrangement, by a person who has retired.
The required basic or mandatory member contribution is a stated percentage of taxable salary which each member must contribute to the approved pension arrangement.
This requires the member to declare a trust of the actual pension arrangement while he or she is alive, with death benefits then being held subject to a discretionary trust.
In addition to the member of the approved pension arrangement, another person may be entitled to pension benefits provided under the pension plan upon the death of the member.
These pensions are an employer pension scheme where each employer has their own pension arrangement for their employees ring-fenced within a bigger scheme run by a pension provider.