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B&CE is a not-for-profit financial services company based in Crawley, West Sussex. The company provides insurance-based products to people working in the UK construction industry.
Building and Civil Engineering Holidays Scheme Management Limited (“the Company”) is a company limited by guarantee. It administers the Building and Civil Engineering Benefits Scheme and is also the appointed administrator of the B&CE Charitable Trust. The Company has two wholly owned subsidiaries; B&CE Insurance Limited and B&CE Financial Services Limited. B&CE Insurance Limited was established with an objective to offer appropriate insurance based products to all who work in the construction industry. B&CE Financial Services Limited is the administrator for a number of the pension schemes operated by B&CE. It is also the promotional and marketing arm of the Group, distributing any ‘re-badged’ products that B&CE offers in partnership with other financial services providers. Collectively the Company and its subsidiaries are referred to as B&CE.
In 1938 a Committee on Holidays with Pay, [1] chaired by Baron Amulree looked into the provision of holidays in the construction industry. They found that very few construction workers received paid holidays because they moved jobs too frequently or they were laid off before the holiday period. [2] The industry’s solution was to set up a company to provide a centralised “holidays with pay” arrangement. The company was set up in 1942 by trades unions and the employers’ organisations with equal board representation from both groups and an independent chairman, a structure [3] that exists to this day.
Over the past seventy years the B&CE group has created a range of financial products [4] to meet the needs of construction workers. Today, B&CE offerings include a stakeholder pension, employee accident and life cover and employee healthcare. In 2011, B&CE launched The People’s Pension, to help employers to comply with their automatic enrolment duties. This is first of B&CE’s products to be available to employers from any industry sector.
The Building and Civil Engineering Benefits Scheme is believed to be unique in the UK in that it is a pension scheme that provides only tax free lump sum retirement benefits to members. The Benefits Scheme is now closed to new contributions but continues to pay benefits when due. At 31 March 2014 there were 1,115,158 members for whom B&CE had recorded reckonable service. [5] Because of its unique structure, the Scheme is excluded [6] from surveys conducted by the Office for National Statistics.
The B&CE Charitable Trust [7] was launched in 1991. It offers financial assistance to construction workers and their families who are suffering hardship. The principal aim of the Trust is to ease the financial distress that illness or changes in domestic circumstances can cause.
The following organisations are represented on the board of B&CE.
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 amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement.
A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income.
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration. The original Social Security Act was signed into law by Franklin D. Roosevelt in 1935, and the current version of the Act, as amended, encompasses several social welfare and social insurance programs.
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty.
National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their families.
The U.S. Railroad Retirement Board (RRB) is an independent agency in the executive branch of the United States government created in 1935 to administer a social insurance program providing retirement benefits to the country's railroad workers.
Employee benefits and benefits in kind include various types of non-wage compensation provided to employees in addition to their normal wages or salaries. Instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a "salary packaging" or "salary exchange" arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree. Examples of these benefits include: housing furnished or not, with or without free utilities; group insurance ; disability income protection; retirement benefits; daycare; tuition reimbursement; sick leave; vacation ; social security; profit sharing; employer student loan contributions; conveyancing; long service leave; domestic help (servants); and other specialized benefits.
The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary to carry out its operations. Subject to other statutory limitations, PBGC's single-employer insurance program pays pension benefits up to the maximum guaranteed benefit set by law to participants who retire at 65. The benefits payable to insured retirees who start their benefits at ages other than 65 or elect survivor coverage are adjusted to be equivalent in value. The maximum monthly guarantee for the multiemployer program is far lower and more complicated.
The Employees' Provident Fund Organisation (EPFO) is the statutory body under the Government of India's Ministry of Labour and Employment, which is responsible for regulation and management of provident funds in India. The EPFO administers the mandatory provident fund. It also manages social security agreements with other countries. International workers are covered under EPFO plans in countries where bilateral agreements have been signed. As of May 2021, 19 such agreements are in place. The EPFO's top decision-making body is the Central Board of Trustees (CBT), a statutory body established by the Employees' Provident Fund and Miscellaneous Provisions (EPF&MP) Act, 1952. As of 2018, more than ₹11 lakh crore are under EPFO management.
Pensions in the United Kingdom, whereby United Kingdom tax payers have some of their wages deducted to save for retirement, can be categorised into three major divisions - state, occupational and personal pensions.
In Australia, superannuation, or just super, is the term for retirement pension benefit funds. Most working Australians deposit deductions from their income into these funds, and employers make similar regular contributions. Most employees contribute to large funds either industry funds, or retail funds. However, some working Australians deposit their income deductions into self-managed superannuation funds.
The Mandatory Provident Fund, often abbreviated as MPF (強積金), is a compulsory saving scheme for the retirement of residents in Hong Kong. Most employees and their employers are required to contribute monthly to mandatory provident fund schemes provided by approved private organisations, according to their salaries and the period of employment.
The National Insurance Act 1911 created National Insurance, originally a system of health insurance for industrial workers in Great Britain based on contributions from employers, the government, and the workers themselves. It was one of the foundations of the modern welfare state. It also provided unemployment insurance for designated cyclical industries. It formed part of the wider social welfare reforms of the Liberal Governments of 1906–1915, led by Henry Campbell-Bannerman and H. H. Asquith. David Lloyd George, the Liberal Chancellor of the Exchequer, was the prime moving force behind its design, negotiations with doctors and other interest groups, and final passage, assisted by Home Secretary Winston Churchill.
Social security in India includes a variety of statutory insurances and schemes bundled into a complex system run by the Indian government at the federal and the state level and is divided into seven branches: healthcare and medical insurances; old age/retirement benefits; unemployment insurance; life and disability insurance; maternity and childcare benefits; rural job guarantee; and food security. These cover most of the Indian population with adequate social protection in various stages of their lives. The Central Government of India's social security and welfare expenditures are a substantial portion of the official budget and as well as the budgets of social security bodies, and state and local governments play roles in developing and implementing social security policies. Additional welfare measure systems are also uniquely operated by various state governments. The government uses the unique identity number (Aadhar) that every Indian possesses to distribute welfare measures in India. The comprehensive social protection system of India can be categorised as the follows: social assistance and mandatory social security contributory schemes mostly related to employment. The Code on Social Security, 2020 is part of the Indian labor code that deals with employees' social security and have generous provisions on retirement pension, healthcare insurance and medical benefits, sick pay and leaves, unemployment benefits and paid parental leaves. The largest employment related social security programs backed by The Code on Social Security, 2020 are the Employees' Provident Fund Organisation for retirement pension, provident fund, life and disability insurance and the Employees' State Insurance for healthcare and unemployment benefits along with sick pays. There is also the National Pension System which is increasingly gaining popularity. These are funded through social insurance contributions on the payroll. While the National Food Security Act, 2013, that assures food security to all Indians, is funded through the general taxation.
Social security is divided by the French government into five branches: illness; old age/retirement; family; work accident; and occupational disease. From an institutional point of view, French social security is made up of diverse organismes. The system is divided into three main Regimes: the General Regime, the Farm Regime, and the Self-employed Regime. In addition there are numerous special regimes dating from prior to the creation of the state system in the mid-to-late 1940s.
Welfare in France includes all systems whose purpose is to protect people against the financial consequences of social risks.
National Insurance Corporation Limited, commonly referred to as National Insurance Corporation (NIC), is an insurance company in Uganda. The company is a leading provider of insurance and risk management services in the country.
The Building Engineering Services Association (BESA), until 2012 the Heating and Ventilating Contractors' Association, and from then until 2016, B&ES, is the main UK trade association for companies that design, install, commission and maintain heating, ventilation, air conditioning, refrigeration (HVACR) and related engineering projects.
India operates a complex pension system. There are however three major pillars to the Indian pension system: the solidarity social assistance called the National Social Assistance Programme (NSAP) for the elderly poor, the civil servants pension and the mandatory defined contribution pension programs run by the Employees' Provident Fund Organisation of India for private sector employees and employees of state owned companies, and several voluntary plans.
The Swiss pension system rests on three pillars:
