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In our world today, the majority of us have to work in order to survive and with time, we accumulate experience. With age, we realize we ought to save for our future when we can no longer work anymore. To retire, we have to have a scheme that will allow us to live comfortably during this period.
There are a number of ways to do this. Saving your whole life is the common way. Others have a plan in place while they are working so that that plan pays them each month that they are in retirement. These are referred to as pension schemes.
Various types of pension plans described
Let us analyze the ?Designed Benefit Pension Plan. A fixed sum of money is paid periodically after retirement that is arrived at by using formula that helps determine your aggregate pension benefits.
The formula used are the flat benefit formula, the best earning average and the career average earning formula.
Another pension scheme type is the? Defined contribution pension plan? that pays a standard amount from the person's salary into an investment account periodically. The sum of the amount in the account differs according to third party sources that add to it and the interest you receive on that amount.
The two schemes described above are the only 2 that are registered. Other pension schemes do exist but these vary with your business? performance and affect your pension benefits that way.
There are a number of ways to do this. Saving your whole life is the common way. Others have a plan in place while they are working so that that plan pays them each month that they are in retirement. These are referred to as pension schemes.
Various types of pension plans described
Let us analyze the ?Designed Benefit Pension Plan. A fixed sum of money is paid periodically after retirement that is arrived at by using formula that helps determine your aggregate pension benefits.
The formula used are the flat benefit formula, the best earning average and the career average earning formula.
Another pension scheme type is the? Defined contribution pension plan? that pays a standard amount from the person's salary into an investment account periodically. The sum of the amount in the account differs according to third party sources that add to it and the interest you receive on that amount.
The two schemes described above are the only 2 that are registered. Other pension schemes do exist but these vary with your business? performance and affect your pension benefits that way.
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