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A pension is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular installments for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment prior to retirement.
A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income.
United Kingdom labour law regulates the relations between workers, employers and trade unions. People at work in the UK benefit from a minimum charter of employment rights, which are found in various Acts, Regulations, common law and equity. This includes the right to a minimum wage of £8.91 for over-25-year-olds under the National Minimum Wage Act 1998. The Working Time Regulations 1998 give the right to 28 days paid holidays, breaks from work, and attempts to limit excessively long working hours. The Employment Rights Act 1996 gives the right to leave for child care, and the right to request flexible working patterns. The Pensions Act 2008 gives the right to be automatically enrolled in a basic occupational pension, whose funds must be protected according to the Pensions Act 1995.
The Pensions Act 1995 is a piece of United Kingdom legislation to improve the running of pension schemes.
The Employees' Provident Fund Organisation (EPFO) is the social security body that is responsible for running and supervising the largest mandatory state pension scheme for people in India. The EPFO assists the Central Board in administering a compulsory contributory provident fund, pension and insurance scheme for the workforce engaged in India. It is also the nodal agency for implementing bilateral social security agreements with other countries. These schemes cover Indian workers as well as international workers in countries with which bilateral agreements have been signed. As of May 2021, 18 such agreements are operational. The EPFO's apex decision making body is the Central Board of Trustees (CBT), a statutory body established by the Employees' Provident Fund and Miscellaneous Provisions Act, 1952 and under the jurisdiction of the Ministry of Labour and Employment. As of 2018, more than ₹11 lakh crore are under EPFO management.
Pensions in the United Kingdom, whereby United Kingdom residents have some of their wages deducted to save for retirement, can be categorised into three major divisions - state, occupational and personal pensions.
Pension tax simplification, often simply referred to as "pension simplification" and taking effect from A-day on 6 April 2006 was a policy announced in 2004 by the Labour government to rationalise the British tax system as applied to pension schemes. The aim was to reduce the complicated patchwork of legislation built-up by successive administrations which were seen as acting as a barrier to the public when considering retirement planning. The government wanted to encourage retirement provision by simplifying the previous eight tax regimes into one single regime for all individual and occupational pensions.
In Australia, superannuation, or just "super", is compulsory for all people who have worked and reside in Australia. The balance of a person's superannuation account, or for many people, accounts, is then used to provide an income stream when retiring. Federal law dictates minimum amounts that employers must contribute to the super accounts of their employees, on top of standard wages or salaries.
Paul Myners, Baron Myners, CBE is a British businessman and politician. He was the Financial Services Secretary in HM Treasury, the UK's finance ministry, during the Labour Government of Gordon Brown. He held the position from October 2008 until May 2010, and was made a life peer in consequence of his appointment, as he was not an elected Member of Parliament. He also served on the Prime Minister's National Economic Council. He now sits as a crossbencher in the House of Lords.
The Pensions Act 2004 is an Act of the Parliament of the United Kingdom to improve the running of pension schemes.
The National Employment Savings Trust (NEST) is a defined contribution workplace pension scheme in the United Kingdom. It was set up to facilitate automatic enrolment as part of the government's workplace pension reforms under the Pensions Act 2008. Due to its public service obligation, any UK employer can use NEST to meet its new workplace duties as set out in the Pensions Act 2008.
The Pensions and Lifetime Savings Association is a trade association for those involved in designing, operating, advising and investing in all aspects of workplace pensions.
Small Self Administered Scheme (SSAS) is a type of UK Occupational Pension Scheme.
Cowan v Scargill [1985] Ch 270 is an English trusts law case, concerning the scope of discretion of trustees to make investments for the benefit of their members. It held that trustees cannot ignore the financial interests of the beneficiaries.
Imperial Group Pension Trust Ltd v Imperial Tobacco Ltd [1991] 1 WLR 589 is an English trust law case, especially relevant for UK labour law and UK company law, concerning pension funds and the implementation of a poison pill.
Shareholders in the United Kingdom are people and organisations who buy shares in UK companies. In large companies, such as those on the FTSE100, shareholders are overwhelmingly large institutional investors, such as pension funds, insurance companies, mutual funds or similar foreign organisations. UK shareholders have the most favourable set of rights in the world in their ability to control directors of corporations. UK company law gives shareholders the ability to,
Air Jamaica Ltd v Charlton [1999] UKPC 20 is an English trusts law case, concerning resulting trusts. In it Lord Millett expressed the view that a resulting trust arises because of the absence of intention to benefit a recipient of money.
A Master Trust in the UK is a multi-employer occupational pension scheme.
An employee trust is a trust for the benefit of employees.
References
- M Cobley, 'UK's newest pensions group gets off to a flying start' (1 April 2011) efinancialnews.com