Glossary of Pension Terms and Phrases (O)

Here are a list of pension terms and pension phrases beginning with the letter O.

Occupational Pension Scheme

Is a pension scheme established by an employer, usually on a group basis. See also group pension scheme.


An official person who will investigate complaints from the public against official bodies, large organisations or industry sector participants.

Opting Out

Where a member opts out of an employer's pension scheme whilst remaining employed. It may also may refer to an employee who is eligible to join an employer's pension scheme, but decides not to join.