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Local Government Pension Scheme
The Local Government Pension Scheme (LGPS) is one of the largest public sector pension schemes in the United Kingdom, with 4.6 million members. Administration is carried out through 99 regional pension funds such as Greater Manchester Pension Fund and West Midlands Pension Fund. In 2014 the LGPS changed from a Final Salary Pension, final salary scheme to a Career average benefit formula, career average scheme. In 2015, the UK government began the process of LGPS pension pooling, whereby individual LGPS funds across England and Wales were gathered into larger pools, in order to reduce costs and target infrastructure investment, among other priorities; priorities were laid out by the Ministry of Housing, Communities and Local Government. Eight different pension pools were created including "Border to Coast" and began to transition assets, developing at very different speeds. In the 2022 Levelling up policy of the Boris Johnson government, Levelling Up White paper#In government, White ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Scheme
A pension (, from Latin ''pensiō'', "payment") 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. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greater Manchester Pension Fund
The Greater Manchester Pension Fund is a pension fund for employees of various institutions in Greater Manchester, United Kingdom. It is run by Tameside Metropolitan Borough Council and follows the rules of the Local Government Pension Scheme. With £23 billion in assets as of 2018, it is the largest local authority pension scheme in the UK and 9th largest pension fund in the UK (including private companies) overall. Employers included in GMPF Participating employers include: *All ten Greater Manchester local authorities *Contracted out employees of the local authorities *Most further education colleges and numerous schools and Academies in Greater Manchester *University of Bolton *Manchester Metropolitan University *Royal Northern College of Music *Transport for Greater Manchester *Probation Service Investments It includes the Greater Manchester Property Venture Fund, which invests in properties including One St Peter's Square, The Soapworks (formerly the Colgate-Palmolive facto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
West Midlands Pension Fund
West or Occident is one of the four cardinal directions or points of the compass. It is the opposite direction from east and is the direction in which the Sun sets on the Earth. Etymology The word "west" is a Germanic word passed into some Romance languages (''ouest'' in French, ''oest'' in Catalan, ''ovest'' in Italian, ''oeste'' in Spanish and Portuguese). As in other languages, the word formation stems from the fact that west is the direction of the setting sun in the evening: 'west' derives from the Indo-European root ''*wes'' reduced from ''*wes-pero'' 'evening, night', cognate with Ancient Greek ἕσπερος hesperos 'evening; evening star; western' and Latin vesper 'evening; west'. Examples of the same formation in other languages include Latin occidens 'west' from occidō 'to go down, to set' and Hebrew מַעֲרָב maarav 'west' from עֶרֶב erev 'evening'. Navigation To go west using a compass for navigation (in a place where magnetic north is the same dire ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Final Salary Pension
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.Lemke and Lins, ''ERISA for Money Managers'', §1:1 (Thomson West, 2013). A defined benefit plan is 'defined' in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan," the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. In the United States, specifies a defined benefit plan to be any pension plan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Career Average Benefit Formula
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.Lemke and Lins, ''ERISA for Money Managers'', §1:1 (Thomson West, 2013). A defined benefit plan is 'defined' in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan," the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. In the United States, specifies a defined benefit plan to be any pension plan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Levelling Up Policy Of The Boris Johnson Government
"Levelling up" is a political policy first articulated in the 2019 Conservative Party manifesto that aims to reduce the imbalances, primarily economic, between areas and social groups across the United Kingdom. It seeks to do so without acting to the detriment of prosperous areas, such as much of South East England. A white paper for the policy was published by Boris Johnson's government on 2 February 2022. The policy is overseen by the Department for Levelling Up, Housing and Communities, and the incumbent Secretary of State is Michael Gove. History Origins "Levelling-up" was first used in the House of Commons in 1868 in relation to equality between Catholicism and the Church of England, with Serjeant Barry, the Solicitor General for Ireland, saying "If religious equality were attempted in England, it must be either by levelling up or levelling down." Conservative Prime Minister Benjamin Disraeli responded by noting the phrase to be one which "seems to be a very favourite one ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
White Paper
A white paper is a report or guide that informs readers concisely about a complex issue and presents the issuing body's philosophy on the matter. It is meant to help readers understand an issue, solve a problem, or make a decision. A white paper is the first document researchers should read to better understand a core concept or idea. The term originated in the 1920s to mean a type of position paper or industry report published by some department of the UK government. Since the 1990s, this type of document has proliferated in business. Today, a business-to-business (B2B) white paper is closer to a marketing presentation, a form of content meant to persuade customers and partners and promote a certain product or viewpoint. That makes B2B white papers a type of grey literature. In government The term ''white paper'' originated with the British government and many point to the Churchill White Paper of 1922 as the earliest well-known example under this name. Gertrude Bell, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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