10 Questions
What is the main purpose of pension schemes?
To provide benefits to members on retirement and other specified contingencies
What is the objective of state pension schemes?
To redistribute wealth between the poor and the better off
How are single member pension schemes set up?
Individuals buy specific insurance policies to accumulate their account for retirement income
What do pension schemes aim to protect working people against?
Loss of income due to contingencies like retirement, death, or incapacity
What are the three main types of pension schemes according to coverage?
Single member schemes, occupational schemes, and personal retirement plans
What is the main purpose of pension schemes?
To provide benefits to members on retirement and other specified contingencies
What do state pension schemes aim to achieve?
Redistribute wealth between the poor and the better off to improve society's welfare
What are the types of contingencies for which pension schemes provide benefits?
Retirement, death, or incapacity
What is the purpose of single member pension schemes?
Accumulate an individual’s account for an adequate income after retirement
What is the primary objective of pension schemes according to Booth et al. (2005)?
To classify pension schemes based on coverage, benefits, and contributions
Test your knowledge about pension schemes with this introductory quiz. Learn about the objectives and benefits of pension schemes, and enhance your understanding of retirement planning.
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