A contributory pension is a type of pension scheme where both the employee and the employer contribute to the employee's pension fund.
A Defined-Contribution (DC) Pension Scheme is a retirement plan where employer, employee, or both make contributions on a regular basis, and the final benefits depend on the investment's performance.
A detailed explanation of Other Comprehensive Income (OCI), including its types, examples, related terms, and resources for further study.
A pension scheme is an arrangement designed to provide a defined class of individuals, known as members, with retirement pensions and often other benefits. It may also extend benefits to dependants of deceased members.
A vested benefit is a benefit which an employee possesses full entitlement to, and will retain under any circumstances. Vesting ensures that the employee will retain specific benefits such as pension entitlements or shares, typically after serving the company for a specified period. The vesting status impacts how entities account for obligations under defined-benefit pension schemes or employee share plans.
A workplace pension is a retirement savings plan arranged by employers to help employees save towards their retirement in addition to the state pension.
