What are the main types of pension??

[Samson19]

We have different types of pension for my own reason we have ,
1.State pension that is the pension given by the government.
2. We have occupational pension that is the pension through work.
3. Private or personal pension that means what can we say on it.

Post automatically merged: Feb 21, 2021

For me may be we have two main types of pension, defined benefit. Something we should know about defined benefit.
1. A define benefit pension plan promise to pay you a certain amount of your retirement.
2. The amount of your pension is based on a formula that usually into account your earnings and years of service with your employer.
3. In most plan both you and your employer contributes
4. You employer is responsible to investing your contribution to ensure there is enough money to pay the future pensions plans for all the members.
5. If there is shortfall in money needed, your employer must pay the difference. For defined contribution what you must do.
1.With a define contribution plans, contribution are guaranteed, but retirement income is not.
2. Usually both you and your employer should contribute, your employer may matched some of your contribution you make.

Post automatically merged: Mar 1, 2021

Defined contribution pension schemes.
Defined benefit pension schemes explained
Personal pensions
What is a group personal pension
Stakeholder pensions
Self-invested personal pensions
NEST pensions
Multi-employer pension schemes.

 

[Akinwale701]

Can someone elaborate the main types of pension? And what you need to know about them?

I have always heard about gratuity as being a bit different from pension as well. Can anyone elaborate more on this?

 

[Setho]

I do not exactly know of how and what you mean by types of pensions but in my country, my state to be precise, if you are about to retire 28 days before the date, you are being paid some money after which you are being paid some money monthly for the rest of your life.

 

[Senator]

This question and the contributions received has been really an eye opener for me. I have learned a lot form reading all of the contributions so far

 

[Samuel77]

As for me I don't know there are different type of pension, all I know is contributing pension which they normally remove a certain amount of money for my salary every month.

 

[Sariana23]

These are sometimes known as ‘money purchase’ pensions. They can be personal pensions arranged by you or workplace pensions arranged by your employer.The money paid in by you or your employer is put into investments by your pension provider. The amount you get when you come to take your pot depends on how much was paid in and how well the investments have done.The value of your pot can go up or down depending on your investments.

The summary you leave in your publication is interesting, I already knew about government pensions, but you are making it clear how private or personal pensions work. But I wonder, what happens when the investments go bad, that is to say when they go down? can the investment be lost?

 

[btaliat]

Superannuating Pension – This kind of benefits is given to a laborer who resigns at the endorsed age cutoff of 60-65 years.

Compassionate Allowance – This happens when benefits isn't permitted because of a local official's expulsion from administration for offense, bankruptcy or ineptitude or failure.

. Compensatory Pension – This is a kind of benefits that is conceded to a specialist whose lasting post is annulled and government can't furnish him with appropriate elective business.

God knows that I don't know the type of pension until I open this thread. But after reading your comment, I took up my own and jotted something down. May God increase your wisdom.

 

[Dubai]

Can someone elaborate the main types of pension? And what you need to know about them?

Pension is not really categorized into different types. In my country, pension is homogenous except when you have a pension scheme with a financial institution.

 

[Victor72]

Over here in my country we only use one type of pension which is the normal pension, a certain amount is deducted from a salary every month, when you get retired then you will be paid half of your salary as your pension.

 

[Eodine]

The types of pension I know are the type that you save yourself for your retirement with private companies and the one that is being saved for your by the company you work with.

 

[Spicywilfred]

the only type of pension plan i know is superannuation pension this pension plan has to do with payment of workers after several years of labour/work. Though I have heard people talking about other pension plan like a kind of benefit from the government after working for years.

 

[Richard92]

Ideally I haven't retire and I don't know anyone who have retired that have started his pension plan or receive his pension money already. But I think after receiving your pension money it's advisable for you to invest it into your business so that you can rest and start earning passive income.

to me you did to type of pension I know is public pension and private pension public pension are pensions that been engaged by those working under public service which is under the government while private pension are pension scheme which have been subscribed by private workers and organisation.

 

[Haveit]

I think we have three types of pension, the annuating pension, compensation and then the normal pension that we all know but basically they are all retirement money.

 

[Kunkun]

Well indeed we learning everyday because prior to now I didn't know there were types to pension or anything like that and it seems that's the case as it has types

 

[Setho]

Here where I stay, I have seen people discuss that they mostly being offered to choose from two type of pension schemes that has been set up in place for them.

 

[Richard92]

Ideally I haven't retire and I don't know anyone who have retired that have started his pension plan or receive his pension money already. But I think after receiving your pension money it's advisable for you to invest it into your business so that you can rest and start earning passive income.

The two main type of pension which I know of is the state pension at the Federal government pension and also we can see private and public pension.

 

[GIFTMICHAEL]

Are you talking about the public and private pension scheme? Where the government takes care of the public pension funds, and private companies, institutions takes care of their own pension scheme.

 

[Shigobad2020]

I only know that we have two types of pension , I have heard of federal government pension scheme and state government pension scheme that always saves part of your salary prior to your retirement.

 

[Lordfalcao]

Can someone elaborate the main types of pension? And what you need to know about them?

I do know of some pension in which they pay monthly but I don't know what's it's called or referred to as and another which pays fully still don't know the name or what it is referred to as.

 

[Richard92]

Ideally I haven't retire and I don't know anyone who have retired that have started his pension plan or receive his pension money already. But I think after receiving your pension money it's advisable for you to invest it into your business so that you can rest and start earning passive income.

There are two main type of pension which are the private pension and public pension private pension are given by private organisation or the public pension and for government workers or civil servants.