An occupational pension which allows a person to change employers without loss of pension rights. A pension may be made portable in two ways when an employee leaves a firm. One method is for the employee’s accrued pension contributions to be frozen in the former employer’s pension fund until the employee reaches pensionable age, when the fund will pay part of their pension. The other method is for the former employer to transfer an agreed capital sum equal to the present discounted value of accrued pension rights either to the new employer’s pension fund, or to a personal pension scheme, operated by an insurance company independent of any employer.