5 Questions
What is the main purpose of pension schemes?
To provide benefits to members on retirement and other specified contingencies
How do pension schemes contribute to society?
By protecting citizens against social risks and maintaining their standard of living after retirement or in case of contingencies
What is the main objective of state pension schemes?
To redistribute wealth between the poor and the better off to improve the overall welfare of society
What are single member pension schemes primarily set up for?
Individuals buying specific insurance policies to accumulate funds for retirement income
How are pension schemes commonly classified?
By coverage, benefits and contributions, and funding
Test your knowledge about pension schemes with this introductory quiz. Learn about the definition and objectives of pension schemes according to Khorasanee (1999).
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