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.
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty.
Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specifically to social insurance programs which provide support only to those who have previously contributed, as opposed to social assistance programs which provide support on the basis of need alone. The International Labour Organization defines social security as covering support for those in old age, support for the maintenance of children, medical treatment, parental and sick leave, unemployment and disability benefits, and support for sufferers of occupational injury.
Personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.
Social welfare, assistance for the ill or otherwise disabled and the old, has long been provided in Japan by both the government and private companies. Beginning in the 1920s, the Japanese government enacted a series of welfare programs, based mainly on European models, to provide medical care and financial support. During the post-war period, a comprehensive system of social security was gradually established.
A life annuity is an annuity, or series of payments at fixed intervals, paid while the purchaser is alive. The majority of life annuities are insurance products sold or issued by life insurance companies however substantial case law indicates that annuity products are not necessarily insurance products.
Financial gerontology is a multidisciplinary field of study encompassing both academic and professional education, that integrates research on aging and human development with the concerns of finance and business. Following from its roots in social gerontology, Financial gerontology is not simply the study of old people but emphasizes the multiple processes of aging. In particular, research and teaching in financial gerontology draws upon four kinds of aging or "'four lenses" through which aging and finance can be viewed: population aging, individual aging, family aging, and generational aging. While it is problematic that "demography is destiny," demographic concepts, issues, and data play a substantial role in understanding the dynamics of financial gerontology. For example, through the lens of population aging, demography identifies the number of persons of different ages in cities and countries—and at multiple points in time. Through the lens of individual aging, demography also notes changes in the length of time—number of years lived in older age, typically measured by increases in life expectancy. From in its founding years in the beginning of the 21st century, one primary interest of Financial Gerontology has been on baby boomers and their relationships with their parents. The impact of these two kinds of aging on finance are reasonably apparent. The large and increasing number of older persons [population aging] in a society, no matter how "old age" is defined, and the longer each of these persons lives [individual aging], the greater the impact on a society's pattern of retirement, public and private pension systems, health, health care, and the personal and societal financing of health care. The focus on boomers illustrates also the other two lenses or "kinds" of aging. How boomers deal with the social, emotional, and financial aspects of their parents' aging is a central aspect of family aging. And how boomers may differ from their parents born and raised twenty to forty years earlier, and differ from their Generation X and Millennial children and grandchildren, are substantial aspects of generational aging.
Insurance Economics is a research programme set up by the Geneva Association, also known as the International Association for the Study of Insurance Economics.
PROGRES is a research programme set up by the Geneva Association, also known as the International Association for the Study of Insurance Economics. It focuses on questions related to regulation, supervision and international co-operation of insurance and financial services as well as other legal issues of importance. The research programme manages The Geneva Association's co-operation with the supervisory authorities around the world and in particular with the International Association of Insurance Supervisors. The objectives of PROGRES are:
Health and Ageing is a research programme set up by the Geneva Association, also known as the International Association for the Study of Insurance Economics. The Geneva Association Research Programme on Health and Ageing seeks to bring together facts, figures and analyses linked to issues in health. The key is to test new and promising ideas, linking them to related studies and initiatives in the health sector and trying to find solutions for the future financing of healthcare.
Insurance and Finance is a research programme set up by the Geneva Association, also known as the International Association for the Study of Insurance Economics. This research programme on insurance and finance comprises academic and professional research activities in the fields of finance where they are relevant to the insurance and risk management sector.
The International Social Security Association (ISSA) is an international organization bringing together national social security administrations and agencies. Founded in 1927, the ISSA has more than 330 member organizations in 158 countries. It has its headquarters in Geneva, Switzerland, in the International Labour Office (ILO). The ISSA President, elected in 2016, is Joachim Breuer (Germany) and the Secretary General since 2019 is Marcelo Abi-Ramia Caetano (Brazil).
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.
Mexico reformed its pension system in 1997, transforming it from a pay as you go (PAYG), defined benefit (DB) scheme to a fully funded, private and mandatory defined contribution (DC) scheme. The reform was modeled after the pension reforms in Chile in the early 1980s, and was a result of recommendations from the World Bank. On December 10, 2020, the Mexican pension system would again undergo a major reform.
Social protection in sub-Saharan Africa tends not to be very developed and yet the growth of some of the region's economies and concerted attempts to tackle poverty mean that this situation may change considerably in the future.
The United Nations Environment Programme Finance Initiative is a global partnership established between the United Nations Environment Program (UNEP) and the financial sector. UNEP FI catalyses action across the financial system to align economies with sustainable development. As the UN partner for the finance sector, they convene financial institutions on a voluntary basis to work together with them, and each other, to find practical solutions to overcome the many sustainability challenges facing the world today. UNEP FI does this by providing practical guidance and tools which support institutions in the finance sector to find ways to reshape their businesses and commit to targets for limiting greenhouse gas emissions, protecting nature, promoting a circular economy and supporting financial inclusion to address inequality. The solutions developed effectively form a blueprint for others in the finance sector to tackle similar challenges and evolve their businesses along a sustainable pathway. The creation and adoption of such a blueprint also informs policy makers concerned with sustainability issues about what would constitute appropriate regulation for the finance sector at large. Founded in 1992, UNEP FI was the first organisation to pioneer engagement with the finance sector around sustainability. The Finance Initiative was responsible for incubating the Principles for Responsible Investment and for the development and implementation of UNEP FI’s Principles for Responsible Banking and Principles for Sustainable Insurance as well as the UN-convened net-zero alliances. Today, UNEP FI provides sustainability leadership to more than 400 financial institutions, with assets of well over $80 trillion headquartered around the world.
The Swiss pension system rests on three pillars:
Yung-Ping Chen was an American economist and gerontologist of Chinese origin. He pioneered the concept of home equity conversion in the United States and developed innovative approaches to the funding of Social Security benefits and long-term care. His scholarship contributed to a better understanding of the economic, political, and social implications and challenges created by the "mass aging" phenomenon—the ongoing and unprecedented shift to an increasingly elder-populated society.
There are various types of Pensions in Armenia, including social pensions, mandatory funded pensions, or voluntary funded pensions. Currently, Amundi-ACBA and Ampega act as the mandatory pension fund managers within Armenia.
This article is intended to give an overview of pensions in the Netherlands.
