Pension plans: technical and financial perspectives
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In this Chapter we examine some features of private pension programmes, namely those arrangements providing a post-retirement income in addition to the public pension. As we will see, a private pension plan can be designed either on an individual or a group basis. Although in the modern forms the funding of benefits is always realized on individual basis, group pension plans allow for a funding arrangement based on solidarity principles. The post-retirement income is the basic benefit of a pension plan; however, several rider benefits can be underwritten, covering risks to which an individual is exposed either before or after retirement.
KeywordsLife Insurance Pension Plan Pension Income Longevity Risk Life Annuity
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