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Occupational Pensions. Ius Laboris lawyers span more than 50 countries and we have an in-depth knowledge of occupational pensions law across the piece.
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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.
An occupational pension scheme is a highly rewarding company incentive whereby both employee and employer contribute towards the employee’s retirement fund.
Occupational Pensions | ETK
Employers in Finland may arrange occupational pension provision for their employees through either a group or an individual pension insurance.
The group pension insurance is collective and requires that the persons covered by the group pension insurance are selected objectively on the basis of, for example, their job tasks or occupational status. If the intention is to target the occupational pension insurance at a specific person, the employer has to take out individual pension insurance for the employee in question.
Occupational pensions – Citizens Information
Information. In general, large employers in Ireland have occupational pension schemes, but many smaller employers throughout the country do not. Each pension scheme has its own set of rules. Pension schemes nationally are generally regulated by the Pensions Authority. Members of schemes have …
Occupational Pensions Easy UK Guide
Occupational pension schemes (also called Company Pension schemes) are when the employer organises a pension scheme for its employees. It can either be set up as a trust and run by trustees or entrusted to a life insurance company.
Public sector occupational pension schemes are statutory plans set up by legislation or trust-based arrangements that provide benefits for employees in the public sector or semi-state bodies. In general, only schemes for Commercial State Bodies have a dedicated fund to meet pension liabilities. Schemes in the non-commercial public sector, such as the Civil Service, Local Government, Education, Gardaí, Prison Services and Health Services are financed on a “pay as you go” basis. This means that the cost of pensions is met from current exchequer expenditure in much the same way as the salaries and wages of public sector employees