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What Are The Types of Pensions

What Are The Types of Pensions

Civil service pensions
Civil Service pensions are provided, under this specific title, to people who in the workforce of the United Kingdom government. The Civil Service Pensions system provides for departmental, agency, and non-departmental employee needs alike, and in all includes close to half a million people who are accordingly thus recognized as being eligible to receive a Civil Service Pension. Various Civil Service Pension plans include the Nuvos, Classic, Classic Plus, and Partnership options for interested individuals.

Widows pension

The widows pension service is an option which is provided through the pension systems of various counties. Widows pension plans were available, for one, to United Kingdom residents up to 2001, when this option was abolished by a decision of the government. In the United States, media interest was aroused in the widows pension plan option in 2006 when a delayed payment was made out in the name of Harriet Tubman. 

Retirement pension
A retirement pension is one of the main options which is available through the basic option of a financial plan in the form of an old age pension plan provided either to public or private employees. An old age pension can also be referred to as a plan for deferred compensation, according to which employees in either area of service can choose to reduce their present income somewhat to create a later safety net. 

Stakeholder pension
The Stakeholder pension program was created by the United Kingdom government as one of the programs aimed at the goal of providing for the financial well-being of its citizens following their exit from the labor force. In this regard, stakeholder pensions were made mandatory as options being presented by private business, according to legislation passed, when a workforce consisted of more than 5 people. Later reports on the program were not encouraging. 

Teachers pensions
The teachers pension system of the United States has been noted by news and political commentators as a contentious political issue in the wake of the global financial recession taking hold in the late 2000s. In this regard, 2010 reports found that, overall, the teachers pensions systems might be underfunded to an amount of up to $1 trillion. In this regard, private employees have been noted for sometimes having sympathies opposed to teachers pension levels. 

Private pension

The private pension area can be contrasted with the other main form which these retirement benefits can take, that of public pension funds, administered, in that regard, by government agencies to their own employees. In that private pensions are left up to the discretion and better judgment of corporations in their basic form, labor laws typically provide for the ways in which private pension plans can be set up and offered. 

Self invested personal pension

The self- invested pension plan is a feature specifically of the UK system for providing pension to employee. In this regard, a self invested personal pensions are set apart from other kind of pension plans, as also involve retirement funds being directed out of accounts and paid into stocks and other forms of investment, in that a self invested personal pension is self-directed, albeit within specified, permissible area for investment.