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The People's Pension
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'. History The UK Pensions Act 2008 established new duties which require employers to automatically enrol eligible workers into a workplace pension plan that meets certain minimum standards. The People's Pension was set up by B&CE in 2011 for employers requiring a scheme to fulfil their duties under the Act from October 2012. In September 2014 The People's Pension announced that it had accepted its one millionth member. References External links B&CE WebsiteThe People's Pension websiteThe Report & Accounts for The People's Pension for the year ending 31 March 2014Pensions World article covering the announcement of the 500,000th member of The People's Pension in February 2014"People's Pension first master trust to gain independent assurance" Professional Pensions article covering the joint assurance framework estab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Contribution
A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee contributions and, if applicable, employer contributions) plus any investment earnings on the money in the account. In defined contribution plans, future benefits fluctuate on the basis of investment earnings. The most common type of defined contribution plan is a savings and thrift plan. Under this type of plan, the employee contributes a predetermined portion of his or her earnings (usually pretax) to an individual account, all or part of which is matched by the employer. In the United States, specifies a defined contribution plan as a "plan which provides for an individual account for each participant and for benefits based solely on the amount contributed to the participant's account, and any income, expense ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension
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] |
Pensions Act 2008
The Pensions Act 2008c 30 is an Act of the Parliament of the United Kingdom. The principal change brought about by the Act is that all workers will have to opt out of an occupational pension plan of their employer, rather than opt in. A second change is the creation of a National Employment Savings Trust, a public pension provider for those who do not have an occupational pensions, which will function as a low-fee pension scheme in competition with existing funds. Contents The Pensions Bill 2011 working its way through Parliament makes a number of amendments to the Act, ahead of its due date to be brought into force in 2012. See also *Minimum employer contribution *Pensions in the United Kingdom *National Employment Savings Trust *Pensions in the United States *Pension Protection Act of 2006, a law allowing (but not requiring) employers to automatically enrol employees into defined contribution schemes ;State pensions Acts *National Insurance Act 1946 *Social Security Contrib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automatic Enrolment
In public services, automatic enrolment defines programmes where citizens are automatically included unless they opt out. Examples include: *Pensions in the United Kingdom as of 2012 *Organ donation in some countries such as Austria Benefits and drawbacks Automatic enrolment is recommended in the book ''Nudge'' by Thaler and Sunstein, as it promotes higher participation rates than when citizens are left to arrange their own pensions. Libertarian Libertarianism (from french: libertaire, "libertarian"; from la, libertas, "freedom") is a political philosophy that upholds liberty as a core value. Libertarians seek to maximize autonomy and political freedom, and minimize the state's e ...s argue against automatic enrolment as it impinges on an individual's freedom of choice. References {{reflist External links https://web.archive.org/web/20161118041846/https://naeh.co.ukNational Auto Enrolment Helpline Behavioral economics ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
B&CE
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. Group Structure 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. Coll ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ICAEW
The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organisation that promotes, develops and supports chartered accountants and students around the world. As of July 2022, it has over 198,000 members and students in 147 countries. ICAEW was established by royal charter in 1880. Overview The institute is a member of the Consultative Committee of Accountancy Bodies (CCAB), formed in 1974 by the major accountancy professional bodies in the UK and Ireland. The fragmented nature of the accountancy profession in the UK is in part due to the absence of any legal requirement for an accountant to be a member of one of the many Institutes, as the term ''accountant'' does not have legal protection. However, a person must belong to ICAEW, ICAS or CAI to hold themselves out as a '' chartered accountant'' in the UK (although there are other chartered bodies of British qualified accountants whose members are likewise authorised to conduct restric ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions In The United Kingdom
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. The state pension is based on years worked, with a 35-year work history yielding a pension of £185.15 per week. It is linked to wage and price increases. Most employees and the self-employed are also enrolled in employer-subsidised and tax-efficient occupational and personal pensions which supplement this basic state-provided pension. Historically, the "Old Age Pension" was introduced in 1909 in the United Kingdom (which included all of Ireland at that time). Following the passage of the Old-Age Pensions Act 1908 a pension of 5 shillings per week (25p, equivalent, using the Consumer Price Index, to £ in present-day terms), or 7s.6d per week (equivalent to £/week today) for a married couple, was payable to persons with an income below £21 per annum (equivalent to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
