Asked by Savannah Sullivan on Jun 09, 2024
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A result of the steady replacement of defined benefit pension plans with defined contribution plans has been the increase of individuals' level of responsibility concerning their own eventual retirement income.
Defined Benefit Pension Plans
Retirement plans where an employer guarantees a specified pension amount to employees based on salary history and length of service.
Defined Contribution Plans
Retirement savings plans where the amount of the retirement benefits is determined by the contributions made by the employee and/or the employer.
Retirement Income
Money an individual receives after retiring from active employment, usually in the form of pensions, savings, or investments.
- Understand the development and significance of portable and defined contribution benefit schemes.
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Learning Objectives
- Understand the development and significance of portable and defined contribution benefit schemes.
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