We have different types of pension for my own reason we have ,
1.State pension that is the pension given by the government.
2. We have occupational pension that is the pension through work.
3. Private or personal pension that means what can we say on it.
[automerge]1613901084[/automerge]
For me may be we have two main types of pension, defined benefit. Something we should know about defined benefit.
1. A define benefit pension plan promise to pay you a certain amount of your retirement.
2. The amount of your pension is based on a formula that usually into account your earnings and years of service with your employer.
3. In most plan both you and your employer contributes
4. You employer is responsible to investing your contribution to ensure there is enough money to pay the future pensions plans for all the members.
5. If there is shortfall in money needed, your employer must pay the difference. For defined contribution what you must do.
1.With a define contribution plans, contribution are guaranteed, but retirement income is not.
2. Usually both you and your employer should contribute, your employer may matched some of your contribution you make.
[automerge]1614593036[/automerge]
Defined contribution pension schemes.
Defined benefit pension schemes explained
Personal pensions
What is a group personal pension
Stakeholder pensions
Self-invested personal pensions
NEST pensions
Multi-employer pension schemes.
1.State pension that is the pension given by the government.
2. We have occupational pension that is the pension through work.
3. Private or personal pension that means what can we say on it.
[automerge]1613901084[/automerge]
For me may be we have two main types of pension, defined benefit. Something we should know about defined benefit.
1. A define benefit pension plan promise to pay you a certain amount of your retirement.
2. The amount of your pension is based on a formula that usually into account your earnings and years of service with your employer.
3. In most plan both you and your employer contributes
4. You employer is responsible to investing your contribution to ensure there is enough money to pay the future pensions plans for all the members.
5. If there is shortfall in money needed, your employer must pay the difference. For defined contribution what you must do.
1.With a define contribution plans, contribution are guaranteed, but retirement income is not.
2. Usually both you and your employer should contribute, your employer may matched some of your contribution you make.
[automerge]1614593036[/automerge]
Defined contribution pension schemes.
Defined benefit pension schemes explained
Personal pensions
What is a group personal pension
Stakeholder pensions
Self-invested personal pensions
NEST pensions
Multi-employer pension schemes.
Last edited: