The operation of company pension schemes is governed by a substantial body of law intended to protect the interests of pensioners.
Arrangements whereby employers agree to provide benefits to retired employees. A pension is paid out in a series of regular payments or a lump sum of money to retired employees or their beneficiaries.
are not mandated by the Employment Standards Act. If pensions are provided, employees must be able to continue participating in the plans when on pregnancy, parental, emergency leave or family medical leave.
See Retirement Benefits.
Traditionally, a state pension is offered as a regular income paid by the state to retired people who have made National Insurance contributions during their working life. A lot of companies now run company pension schemes to invest the pension contributions of members and employees - this is paid out on retirement. Another alternative is to open your own personal pension plan. You would make monthly payments into the plan, which would be invested by your pension provider to build up a sum for your retirement.
Ignore the old maxim that "the state will provide" because we now know that it won't. You are on your own! There are Personal Pensions, Employee Schemes and, soon to be introduced, Stakeholder pensions. It used to be said that buying a house would be the most expensive thing you would do in your life time, but if that is true, buying your pension comes a close second. Pensions schemes and plans can be so simple or complex that it should not be undertaken without serious and considered professional advice and whatever you do - don't delay because when it comes to pensions time really is money.
Pensions funded through employer plans to which both the employer and employee contribute.
Programs to provide employees with retirement income after they meet minimum age and service requirements. Life insurers hold some of these funds. Since the 1970s responsibility for funding retirement has increasingly shifted from employers (defined benefit plans that promise workers a specific retirement income) to employees (defined contribution plans financed by employees that may or may not be matched by employer contributions). (See Defined benefit plan, Defined contribution plan )