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 and 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.
The Child Support Agency (CSA) was a delivery arm of the Department for Work and Pensions in Great Britain and the former Department for Social Development in Northern Ireland. Launched on 5 April 1993, the CSA failed to implement the Child Support Act 1991 and subsequent legislation fairly leaving tens of thousands of non residential parents paying out more than they would if they had their children full time. The CSA was replaced in the long term by its successor launched in 2012, the Child Maintenance Service (CMS). Lessons have not been learnt and CMS still fails to consider outgoings of non residential parents, the income of residential parents and fails to perform even a basic check that the money is being spent on the children.
The Tripartite Agreement between the United Kingdom, India and Nepal was a treaty signed in 1947 concerning the rights of Gurkhas in military service.
Public bodies of the Scottish Government are organisations that are funded by the Scottish Government. It is a tightly meshed network of executive and advisory non-departmental public bodies ("quangoes"); tribunals; and nationalised industries.
A Self-Invested Personal Pension (SIPP) is the name given to the type of UK government-approved personal pension scheme, which allows individuals to make their own investment decisions from the full range of investments approved by HM Revenue and Customs (HMRC).
Pensions in the United Kingdom can be categorised into three major divisions and seven sub-divisions, covering both defined benefit and defined contribution pensions.:
The civil service in Malaysia is pivotal around Article 132 of the Constitution of Malaysia which stipulates that the public services shall consist of the Federal and State General Public Service, the Joint Public Services, the Education Service, the Judiciary and the Legal Service and the Armed Forces.
The Veterans Agency was an Executive Agency of the UK government's Ministry of Defence (MoD). It was amalgamated into the Service Personnel and Veterans Agency (SPVA) on 2 April 2007 under the brand Veterans-UK.
The Pensions Ombudsman is the official ombudsman institution responsible for investigating complaints regarding pensions in the United Kingdom. The Pensions Ombudsman is a non-departmental public body stewarded by the Department of Work and Pensions, and the Ombudsman and Deputy Ombudsman are appointed by the Minister for Work and Pensions. The Ombudsman is an independent commissioner; he and his staff are not civil servants. His brief is to resolve disputes of fact or law and to investigate claims of maladministration. Unusually for UK Ombudsmen, the Pensions Ombudsman's determinations are binding on the parties and enforceable in the County Court. There is a right of appeal to the High Court on a point of law. In England the High Court's permission has to be obtained for an appeal.
The Guaranteed Minimum Pension (GMP) is the minimum pension which a United Kingdom occupational pension scheme has to provide for those employees who were contracted out of the State Earnings-Related Pension Scheme (SERPS) between 6 April 1978 and 5 April 1997. The amount is said to be 'broadly equivalent' to the amount the member would have received had they not been contracted out.
The NHS Business Services Authority (NHSBSA) is an executive non-departmental public body of the Department of Health which provides some support services to the National Health Service in England and Wales. It was created on 1 October 2005 following a review by the Department of Health of its "arm's length bodies". It began operating on 1 April 2006, bringing together five previously separate NHS business support organisations. It provides a range of services to NHS organisations, NHS contractors and patients which include:
Innovate UK is the operating name of the Technology Strategy Board, the United Kingdom's innovation agency. It is a non-departmental public body operating at arm's length from the Government as part of the United Kingdom Research and Innovation organisation.
An executive agency is a part of a government department that is treated as managerially and budgetarily separate, to carry out some part of the executive functions of the United Kingdom government, Scottish Government, Welsh Government or Northern Ireland Executive. Executive agencies are "machinery of government" devices distinct both from non-ministerial government departments and non-departmental public bodies, each of which enjoy a real legal and constitutional separation from ministerial control. The model was also applied in several other countries.
Following the 2010 United Kingdom general election, the UK Government announced plans to curb public spending through the abolition of a large number of quasi-autonomous non-governmental organisations (quangos). On 23 May 2010, Chancellor of the Exchequer George Osborne unveiled a £500million plan to reduce the budget deficit by abolishing or merging many quangos. This was styled in the national press as a "bonfire of the quangos", making reference to Girolamo Savonarola's religiously inspired Bonfire of the Vanities. The cuts and closures received criticism in some quarters, but was generally welcomed by the business community.
The People’s Pension is a United Kingdom trust based defined contribution workplace pension scheme for non-associated employers, commonly referred to as a 'master trust'.
NOW:Pensions is a trust-based defined contribution workplace pension fund for non-associated employers, commonly referred to as a 'master trust'.
Pension Wise is a free and impartial service set up by government in 2015 offering guidance for people regarding pension freedoms introduced in the 2014 United Kingdom budget. Under these changes those with a defined contribution pension scheme will no longer be forced to buy an annuity. Instead they will be allowed to take as much or as little from their pension pot as they wish to invest or spend themselves. The Independent has described this change as the biggest change to pensions in nearly a century.
Museji Ahmed Takolia CBE has served in public and government service. His main business interest is as a strategic adviser to Intellicomm Solutions Private Ltd (India). He was the chairman of Wye Valley NHS Trust from June 2014 until October 2016 when he resigned. He was appointed Chair of the Pensions Advisory Service in February 2016. He was formerly Group Chairman of the Metropolitan Housing Partnership, a non-executive director of the schools regulator Ofsted, and a senior civil servant in the Cabinet Office and a board member of the Commission for Health Improvement. He was appointed a CBE in the 2011 New Year Honours for services to Diversity and to Equal Opportunities.
Retirement Fund (Incorporated) is a statutory body which manages the pension scheme for Malaysia's public employees. KWAP is the investment manager of the Retirement Fund, which is applied towards financing the government's pension liability, and is responsible for the administration and payment of pension to public sector retirees. KWAP is one of three main bodies in Malaysia's pension system, the others being the Employees Provident Fund and Armed Forces Fund Board. It is also regarded as one of Malaysia's government-linked investment companies (GLICs).
