The provision of pension to individuals at retirement can be made through the mechanism of a tax efficient plan by an insurance company. These individual plans are completely independent of any employer occupational scheme or State National Pension Scheme.

Any individual who wants to supplement his pension benefits at retirement, the self-employed, employees in non-pensionable employment, and those who do not join their employer's scheme can buy individual pension.

Contributions are usually made by individuals through regular monthly premium or single premium to the insurance company

Individual pension provision by Albatross insurance Co Ltd: The Product