Pension fund system - uk, Financial Management

Assignment Help:

The UK Pension Fund System

The UK Pension system is a three pillar pension system. A flat-rate first-tier pension is provided by the state and is known as the Basic State Pension (BSP). Second-tier or supplementary pensions are provided by the state, employers and private sector financial institutions, the so-called three pillars of support in old age.

Most occupational pension schemes in the UK have been set up as Pension Trust Funds. The interests of the beneficiaries are set out in the trust deed. In 1995, the Pensions Act established the Occupational Pensions Regulatory Authority (OPRA) as the regulatory authority for the pensions industry. It is financed by an annual levy on pension schemes. OPRA tookover most of the responsibilities of the Occupational Pensions Board (OPB) which had been set up under the 1973 Social Security Act to monitor schemes, rules on the preservation of benefits for early leavers, equal access and contracting-out requirements.

 


Related Discussions:- Pension fund system - uk

International monetary system, what is the criteria for a good internationa...

what is the criteria for a good international financial system

How do risk-averse investors compensate, How do risk-averse investors compe...

How do risk-averse investors compensate for risk when they take on investment projects? For the reason of risk aversion, people demand elevated rates of return for taking on hi

Risk return relationship, RISK RETURN RELATIONSHIP A business operates...

RISK RETURN RELATIONSHIP A business operates in a market environment, which is not within its control. It is exposed to several dangers from the internal with external sources

Tokyo stock exchange, Tokyo Stock Exchange In the 1870s, a securities s...

Tokyo Stock Exchange In the 1870s, a securities system was introduced in Japan and public bond negotiations began. This resulted in a demand for public trading institution, whi

Bond with call and prepay options, Let us consider a bond with ...

Let us consider a bond with callable or prepayable feature. Figure shows the price/yield relationship of option-free bond and callable bond. The price yield

Gdb.., Scenario: Brands and businesses in just about every industry are in...

Scenario: Brands and businesses in just about every industry are in a state of war with their competitors through promotions and marketing strategies. Majority of renowned brands

What is the tolerable error, What is the Tolerable error In addition t...

What is the Tolerable error In addition to looking at material differences individually the auditor must list all the differences (material or not) and consider in total wheth

Distinguish between a credit card and a debit card, QUESTION (a) What a...

QUESTION (a) What are the main benefits of E-Banking to customers and banking institutions? (b) Internet Banking products and services are of two primary types, informationa

Explain that many u.s. firms simply do not hedge, Recent surveys of corpora...

Recent surveys of corporate exchange risk management practices point out that many U.S. firms simply do not hedge. How would you explain this result? Answer:  There can be severa

Evaluate cost of preference share capital, Q. Evaluate Cost of Preference S...

Q. Evaluate Cost of Preference Share Capital? Cost of Preference Share Capital: - A fixed rate of dividend is to be paid on preference shares. However unlike debt the dividend

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd