There are two main types of company schemes for employees. Each employer will have its own scheme rules which govern the level and nature of the pension benefits to be made available to employees at retirement, including the ages at which these benefits can normally be taken.
Many schemes provide tax-free cash as well.
For this reason they are often called 'final salary' schemes. As the trustees decide whether to purchase annuities or pay pension direct from the scheme itself, it is unusual for employees to be offered a transfer value to buy their own annuity. If you want to do so, you must ask your employer to discuss this with the trustee. These contributions build a pension fund which can be transferred to any annuity supplier of your choice. Sometimes the scheme will dictate a minimum level of pension benefits that must be provided by your annuity provider.