Chapter 5 - Benefits Overview and Providers of Benefits Flashcards
1
Q
What types of benefit schemes exist?
A
- Defined Benefit (Risk with employer)
- Defined Contribution (Risk with member)
- Hybrid (Risk shared between parties)
2
Q
Who provides benefits?
A
- The State
- Employers
- Individuals
- Financial Institutions
- other organisations
3
Q
What can the State do?
A
- Direct Provision
- Provide a vehicle
- Education/Awareness
- Encouragement/Incentives
- Compulsion
- Regulation of providers
4
Q
What can employers do?
A
- Use external vehicle
- Put in place own vehicle
- Contribute
- Compel individuals
- Educate individuals
- Encourage individuals
5
Q
What can individuals do?
A
- Contribute to employer vehicle
- Contribute to state vehicle
- Contribute to financial institution
- Save/Fund Independently
