UK State Pension System Phases
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Questions and Answers

What is the formula for calculating the vested benefit in a retirement plan?

  • Credited services months * BPR = Vested benefit (correct)
  • Credited services months - BPR = Vested benefit
  • Credited services months / BPR = Vested benefit
  • Credited services months + BPR = Vested benefit

    • What is a major advantage of a contributory insurance plan for employees?

  • Employees must pay a portion of the premium from their own taxable income
  • Employers cover 100% of the premium payments
  • Employees have limited choices in coverage amount
  • Employees get automatic-issue policies without medical examinations (correct)

    • What is a primary disadvantage of a contributory insurance plan?

  • Employees get automatic-issue policies without medical examinations
  • Employees must pay a portion of premiums from their taxable income (correct)
  • Employers cover 100% of the premium payments
  • Employees have complete control over coverage amount

    • Why can contributory insurance plans offer employees more comprehensive coverage?

    <p>Because both employees and employers contribute to premium payments</p> Signup and view all the answers

    In a noncontributory plan, who covers the premium payments?

    <p>Only employers</p> Signup and view all the answers

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