pension

a regular payment to a person that is intended to allow them to subsist without working grant a pension to

A pension (also known as superannuation) is a retirement plan intended to provide a person with a secure income for life. Although a lottery may provide a pension, the common use of the term is to describe the payments a person receives upon retirement.Pensions have traditionally been payments made in the form of a guaranteed annuity to a retired or disabled employee, or to a deceased employee's spouse, children or other beneficiaries. A pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Labor unions, the government, or other organizations may also sponsor pension provision.

Types of pensions - A "pension plan" or "retirement plan" is an arrangement by which an employer (for example, a corporation, labor union, government agency) provides income to its employees after retirement. Pension plans are a form of "deferred compensation" and became popular in the United States during World War II, when wage freezes prohibited outright increases in workers' pay.Pension plans can be divided into two broad types: Defined Benefit and Defined Contribution plans. The defined benefit plan had been the most popular and common type of pension plan in the United States through the 1980s; since that time, defined contribution plans have become the more common type of retirement plan in the United States and many other western countries.Some plan designs combine characteristics of defined benefit and defined contribution types, and are often known as "hybrid" plans. Such plan designs have become increasingly popular in the US since the 1990s. Examples include Cash Balance and Pension Equity plans.

Defined Benefit Plans - The defined benefit plan (as its name implies) ''defines'' a ''benefit'' for an employee upon that employee's retirement. The benefit in a defined benefit pension plan is determined by a formula, which can incorporate the employee's pay, years of employment, age at retirement, and other factors. A simple example is a ''flat dollar'' plan design that provides $100 per month for every year an employee works for a company; with 30 years of employment, that participant would receive $3,000 per month payable for their lifetime. Typical plans in the United States are final average plans where the average salary over the last three or five years of an employees' career determines the pension; in the United Kingdom, benefits are often indexed for inflation. Formulas can also integrate with public Social security plan provisions and provide incentives for early retirement (or continued work).Traditional defined benefit plan designs tend to exhibit an S-shaped accrual pattern of benefits, where the present value of benefits grows quite slowly early in an employees' career and accelerates significantly in mid-career. Defined benefit pensions are usually not portable - accrued benefits in defined benefit plans are typically payable only at retirement - even when the employee has a vested interest in the benefit. On the other hand, defined benefit plans typically pay their benefits as an annuity, so retirees do not bear the risk of outliving their retirement income.The Social Security (United States)United States Social Security system is an example of a defined benefit pension arrangements, albeit one that is constructed differently than a pension offered by a private employer.The "cost" of a defined benefit plan is not easily calculated, and requires an actuary or actuarial software. However, even with the best of tools, the cost of a defined benefit plan will always be a estimate based on economic and financial assumptions. These assumptions include the average retirement age and life span of the employees, the returns earned by the pension plan's investments and the cost of insurance from the Pension Benefit Guarantee Corporation which is predicted to increase in the near future. So, for this arrangement, the ''benefit is known'' but the ''contribution is unknown'' even when calculated by a professional.In the US, the Internal Revenue Code (IRC) defines a defined benefit plan Internal - Revenue Code Section 414(j). The IRC's definition for the defined-contribution plan is an individual account plan -- meaning that employees/participants own an account. Despite the fact that the participant typically has control over investment decisions, the plan sponsor retains a significant degree of fiduciary responsibility over investment of plan assets, including the selection of investment options and administrative providers.

Defined Contribution Plans - In a defined contribution plan, the ''contribution'' is ''defined'', but the benefit is unknown. A typical defined contribution arrangement is one under which contributions are made (by the employer, the employee, or both) into an account which grows via investment. At retirement, the employee has an account that can be used to purchase an annuity, or can have amounts withdrawn as the financial need for the employee arises.Defined contribution pensions, once vested, are generally portable.In a defined contribution plan, investment risk and investment rewards are assumed by each individual/employee/retiree and not by the sponsor/employer. In addition, participants do not typically purchase annuities with their savings upon retirement, and bear the risk of outliving their assets.The "cost" of a defined contribution plan is readily calculated. But, the benefit from a defined contribution plan depends upon the account balance at the time an employee is looking to use the assets. So, for this arrangement, the ''contribution is known'' but the ''benefit is unknown'' (until calculated).

Hybrid and Cash Balance Plans - Hybrid plan designs combine the features of defined benefit and defined contribution designs. In general, they are usually treated as defined benefit plans for tax, accounting and regulatory purposes. As with defined benefit plans, investment risk in hybrid designs is largely borne by the plan sponsor. As with defined contribution designs, plan benefits are expressed in the terms of a notional ''account balance,'' and are usually paid as cash balances upon termination of employment. These features make them more portable than traditional defined benefit plans and perhaps more attractive to a more highly mobile workforce. A typical hybrid design is the Cash Balance Plan, where the employee's notional account balance grows by some defined rate of interest and annual employer contribution.In the US, plan conversions from traditional to hybrid plan designs have been controversial, notably at IBM in the late 1990s. Upon conversion, some plan sponsors retrospectively calculated employee account balances -- if the employee's actual vested benefit under the old design was less than the account balance, the employee entered a period of ''wear away'' where he or she accrued no new benefits. Hybrid designs also typically eliminated the generous early retirement provisions in traditional pensions.As a result, critics of cash balance plans have seen the new designs as discriminatory against older workers. On the other hand, the new designs may better meet the needs of a modern workforce and actually encourage older workers to remain at work, since benefit accruals continue at a constant pace as long as an employee remains on the job. Court cases have not resolved these problems, and currently there is legislation before the United States Congress to clarify the legal status of cash balance and other hybrid designs.

Financing - There are various ways in which a pension may be financed. In a funded defined contribution pension, contributions are paid into a fund during an individual's working life. The fund will be invested in assets, such as stocks, bonds and property, and grow in line with the return on these assets. (An unfunded defined contribution pension is an oxymoron.)In an unfunded defined benefit pension, no assets are set aside and the benefits are paid for by the employer or other pension sponsor as and when they are paid. Pension arrangements provided by the state in most countries in the world are unfunded, with benefits paid directly from current workers' contributions and taxes. This method of financing is known as ''Pay-as-you-go''. It has been suggested that this model bears a disturbing resemblance to a Ponzi scheme.In a funded defined benefit arrangement, an actuary calculates the contributions that the plan sponsor must make to ensure that the pension fund will meet future payment obligations. This means that in a defined benefit pension, investment risk and investment rewards are typically assumed by the sponsor/employer and not by the individual. If a plan is not well-funded, the plan sponsor may not have the financial resources to continue funding the plan. In the United States, private employers must pay an insurance-type premium to the pbgc.gov - Pension Benefit Guaranty Corporation, a government agency whose role is to encourage the continuation and maintenance of voluntary private pension plans, provide timely and uninterrupted payment of pension benefits.A growing challenge for many nations is population ageing. As birth rates drop and life expectancy increases and ever larger portion of the population is elderly. This leaves fewer workers for each retired person. In almost all developed countries this means that the pension system will eventually go broke unless reformed. The three exceptions are Australia, Canada, and the United Kingdom where the pension system will be solvent for the foreseeable future. In Canada, for instance, the annual payments were increased by some 70% in 1998 to achieve this. These three nations also have an advantage from their relative openness to immigration.

Pension systems in various countries -

Canada Pension Plan

Indian pension system

Social security (Sweden)

Retirement plans in the United States

Social security (United States)

Sipps Pensions (United Kingdom)

See also -

Public debt

Retirement plan

External links -

Agencies -

pbgc.gov - Pension Benefit Guaranty Corporation (PBGC)

Articles -

well.com - Who owns Exxon? We do.

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hotel de Stoppelberg
hotel beautiful situatied in the middle of the woods just outside the little village Beekbergen in the heart of the Veluwe.
http://www.de-stoppelberg.nl/

ALLA LENZ Hotel-Pension
ALLA LENZ is pleased to welcome you at our Hotel. We are a family run Hotel and are delighted to meet the individual needs of our guests. We offer you comfortable renewed and quiet rooms with aircondition (during day), shower, WC, hairdrier, telephone, cable-TV and minibar. swimming-pool and terrace with deck-chairs will make your holidays much more pleasant. We offer also parking area and garage. The excellent service and the quiet location close to the centre are the reasons why most of our guests become regular customers. We wish you a pleasant stay with ALLA LENZ! With us you feel like at home in Vienna!
http://www.allalenz.com/

Hotel Al SanPietrino
A small two-star place, the San Pietrino has 12 rooms beautifully decorated with cream walls, terracotta floors and tasteful dark-wood furniture. The extras - TV and DVD player, ADSL Internet connection - are unusual for a place in this category. Highly recommended.
http://www.sanpietrino.it/

Hotel AURUM an der Gedächtniskirche
Genießen das besondere Flair einer Großstadtmetropole ... Hotel „ AURUM „ befindet sich in Altberliner Haus, in der ruhigen Rankestraße –direkt an der Gedächtniskirche. In nur wenige Gehminuten sind Sie am Kurfürstendamm, mit zahlreichen Geschäften, Restaurants und Cafes mit einem vielfältigen Angebot an deutschen und internationalen Spezialitäten, Kinos, Theatern und Diskotheken. Aufgrund der zentralen Lage erreichen Sie alle Reiseziele in kürzester Zeit.
http://www.hotelaurumberlin.de/

Karkonosze - Online
An online catalog of hotels, pensions in Giant Mountains
http://www.karkomega.pl

Pension Villa Basileia
Accommodation in centrum of Karlovy Vary
http://www.villabasileia.cz/

Autocampy, kempy, tábořiště ČR a SR
Katalog s 500 kempy na území ČR a SR s možností vyhledávání. Autocampy, kempy, tábořiště, chaty či chalupy, penziony. Prezentace kempů, předpovědi počasí, údaje o vybavení kempu, fotografie, diskuse o kempech, kontakty na kempy, mapa s kempy ČR, památky v okolí.
http://www.dokempu.cz/

thomsons online benefits
thomsons online benefits offer an award winning total benefit solution to employers of all sizes both in the UK and internationally. Our powerful combination of traditional consultancy and the leading web technology enables us to offer employers services and solutions wherever they are on their benefits journey. Whether you are implementing new benefits, moving to flexible benefits, reviewing your pension scheme, or just looking for a technology solution we can help you.
http://www.thomsonsonlinebenefits.com/

Gästehaus Schmid - Hotel Garni
Familiär geführtes Gästehaus mit 12 Zimmern und 4 Ferienwohnungen, ländlich gelegen in Memmingen- Volkratshofen mit Wohlfühlatmosphäre.
http://www.ghs-mm.de

sitges, hotels - Welcome to RAS - Room Advice Service Sitges
sitges, hotels in sitges, RAS -Great rates for Sitges Hotels Book online
http://www.sitges-hotel.com/

Ferienwohnungen an der Ostsee
Private Ferienwohnungen und Ferienhäuser an der Ostsee. Mit ausführlichen Beschreibungen, Fotos und Belegungsplänen. Gut sortiert nach Ländern und Regionen. Mit Online-Anmeldeformular! Lastminuteangebote!
http://www.auf-zur-ostsee.de

Restaurant Bachtaverne - Weyregg am Attersee/Salzkammergut (Upper Austria)
The Restaurant Bachtaverne in Weyregg am Attersee (Upper Austria/Salzkammergut) provides informationen on vacation at the Attersee (guest rooms and about the restaurant itself. Take a look...
http://www.bachtaverne.at/

Tallinn Hotels
Tallinn lodging guide from cheap to luxury, online reservation, photos, descriptions and city map.
http://www,tallinntravel.com/

Ungarnurlaub -- Urlaub in Ungarn mit der ganzen Familie im schönen Haus Margrit in Gyenesdiás am Balaton (Plattensee)
Machen Sie mit der ganzen Familie preiswert Urlaub in unserem 'Haus Margrit' am Plattensee.
http://www.ungarnurlaub.de/

Haus Rosenheim am Millstätter See
Frühstückspension und Ferienwohnungen am Millstätter See in Kärnten.
http://www.haus-rosenheim.at/

Gasthof Adler
Family run country side hotel located in the middle of the Black Forest.
http://www.adler-tennenbronn.de/

Lago Maggiore
Travel and tourist guide for the region of Lake Maggiore, Lago di Orta and Lago di Mergozzo.
http://www.reisefuehrer-lagomaggiore.de/

Ferienwohnungen in den Bergen
Private Ferienwohnungen und Ferienhäuser in den beliebtesten Bergregionen. Winter- und Sommerurlaub naturnah genießen. Mit ausführlichen Beschreibungen, Fotos und Belegungsplänen. Gut sortiert nach Ländern und Regionen.
http://www.bergzauber.com

VMH-Horecamakelaars
Vereniging Makelaardij Horeca is een samenwerkingsverband tussen een aantal ervaren horecamakelaarskantoren die gezamenlijk landelijke dekking bieden aan horecaondernemers en biedt daarbij de volgende diensten aan: De bemiddeling bij aan- en verkoop, huur en verhuur van horecabedrijven en horecavastgoed. Advies en beheer.
http://www.vmh-horeca.nl/

Urlaub Tirol
Aktuelle Urlaubsangebote von Hotels, Pensionen und Ferienwohnungen in Tirol. Hier finden sich Angebote für den Wellness, Wander, Mountainbike und Famielienurlaub in den Tiroler Alpen.
http://www.urlaub-suchen-tirol.at/

USI Consulting Group
One of the largest employee benefit consulting and outsourcing firms in the United States, headquartered in Glastonbury, CT with major offices in Boston, MA; Jacksonville, FL; Knoxville, TN; Houston, TX; New York, NY; and Washington, DC.
http://www.usicg.com/

UK Pension Transfer
If you are moving to Canada you can avoid a potential tax liability by transferring your pension plan. Free assistance provided.
http://www.transatlantictransfers.com/

Hotel Gasthof Ruperti - Wirt
Enjoy your vacation in our secluded hotel - surrounded by the lovely mountains of the carinthian Drautal. Ideal for hiking, swimming and for bicycle- und motorcycle-tours. Whether summer, winter, spring or fall - at Ruperti-Wirt there is always season! Surrounded by the beautyful mountains nearby numerous lakes our guests reside in gorgeous rooms in view of the superb landscape. Our rooms are equipped with bath/toilet, room-telephone, cable TV and balcony. From early in the morning till late in the evening you will be indulged by our stuff in our restaurants. You can choose between our local specials or the classic italian food - we offer something for every flavour! At fair weather you can enjoy the lovely view to the mountains at our terrace. At our hotel you have the opportunity to escape from everyday life for a while and follow your favorite activities: In summer time: hiking swimming sailing windsurfing diving hang gliding playing tennis or volley ball bicycle riding driving around with your motorcycle and many other things! In winter time: skiing snowboarding cross-country skiing luging ice skating walk and many other things! We're sure you will enjoy your stay at our hotel and we are looking forward to welcome you.
http://www.rupertiwirt.at/

Pension Zum Alten Bahnhof Colbitz
Pension Zum Alten Bahnhof Colbitz
http://www.pension-colbitz.de/

Hotel Augsburg Goldener Falke
Hotel Augsburg Goldener Falke Schön, dass Sie zu uns und unserem Hotel gefunden haben. Wenn Sie ein Hotel oder eine günstige Pension in Augsburg oder Umgebung Augsburg suchen, dann sind Sie genau richtig hier. Hier bekommen Sie alles was Sie von einer gepflegten Unterkunft erwarten, auch wenn Sie nur auf der Durchreise sind und eines oder mehrere freie Zimmer suchen. Wir vom Hotel Goldener Falke sind jederzeit gern für Sie da. Ihr Hotel in Augsburg
http://www.goldener-falke.de/

Hèt Berner SennenHotel
In het prachtige Drenthse landschap een 5 sterren vakantie voor uw Berner Sennenhond!
http://www.bernersennenhotel.nl/

Onlinebuchung von Ferienunterkuenften
Onlinebuchung von Ferienunterkuenften
http://www.strand-online.de/

Guesthouse Rombach in St. Peter im Schwarzwald
Enjoy your vacation in a marvelous pictorial surrounding of the Black Forest. Let your soul dangle, dedicate yourself to your family, discover new things, do sports activities or simply enjoy culinary delicacies. In our guesthouse, you’ll find silence and relaxation in a friendly atmosphere. The house is apart from the transit traffic and from everyday life stress. It resides near the forest and is only 5 walking minutes away from the local centre. The location is an ideal starting point for walks, wanderings or bicycle excursions in the closer and farther environment. Attractive destinations you can find near St. Peter and in the entire south Black Forest, in Switzerland and in France. Our backyard is suited ideally for a barbecue in the evening mood. In addition, it offers your children plenty of space for playing and raving. If your children find the space as not sufficient, they’ll have the opportunity to go to an adventure-forest playground which is only a couple of metres away from our backyard. But let us invite you to take a picture of your own!
http://www.fewo-rombach.de/

Unterkünfte Insel Ruegen
Hotels, Pensionen, Ferienhäuser, Zimmer auf der Insel Rügen
http://www.ruegen-abc.de/

Unterkunft - Accommodation in Berlin
Unterkunft - Accommodation in Berlin: Apartments, Pension, Hotels
http://www.gast-in-berlin.de/

Beautiful holidays in Ireon Samos: PENSION ERMIONI SAMOS IREON, simply a different hotel in Ireon
Holidays in Ireon: PENSION ERMIONI SAMOS -a wel kept ambience with the best service and loving, family care. Different holidays on Samos!
http://www.pension-ermioni-samos.de/

www.daniel-friedemann.com
Artists website.Painter and sculptor
http://www.daniel-friedemann.com/

Landhaus Fleischhauer -bei Leipzig
Hotel garni B&B Pension Hotel Gustav Adolf Stadt Lützen
http://www.landhaus-fleischhauer.de/

Holiday in Austria - Salzburg - Bed and Breakfast
Ours is a traditional family owned house with a friendly atmosphere where you will feel very much at home. The Pension is located in a tranquil spot on the edge of a forest just ten minutes from the centre of St. Martin, a small idyllic rural village. This is an area that is blessed with unrivalled natural beauty.
http://www.pension-wildental.at/

Haarlem - Zandvoort -IJmuiden Tourist Office
The Tourism Office (VVV) of Haarlem, Zandvoort and surroundings offers a large variety of tourist information on the surroundings of Amsterdam.
http://www.vvvzk.nl/

Pension Benefit Guaranty Corporation
Responsible for insuring certain benefits under private defined benefit pension plans. Also allows individuals to search for lost pensions.
http://www.pbgc.gov/

Human Resources Development Canada
Our mission is to enable Canadians to participate fully in the workplace and the community.
http://www.hrdc-drhc.gc.ca/

American Society of Pension Actuaries (ASPA)
Nationwide organization of employee benefits professionals, actuarial or non-actuarial.
http://www.aspa.org

The Pension Service
Provides information and resources on pensions for individuals, employers and providers.
http://www.thepensionservice.gov.uk/