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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

UK State Pension System Phases

Choose a study mode

Podcast

Questions and Answers

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

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

What is a primary disadvantage of a contributory insurance plan?

Why can contributory insurance plans offer employees more comprehensive coverage?

In a noncontributory plan, who covers the premium payments?

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