Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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Under Trust-based occupational pension scheme, the sponsoring employer will set: The terms of the trust, The benefit levels, Requirement for members contributions and Eligibility criteria for membership.
The sponsoring employer is likely to be responsible for: Ensuring payment of employer and employee contributions, Providing up-to-date data, Notifying the scheme of changes to membership, e.g. new employees, employees leaving the scheme, employees retiring.
Defined benefit occupational pension schemes generate guaranteed benefits based typically on final pensionable salary and years of service since joining the scheme.
Under defined benefit pension schemes, the rate of benefit accural is such that benefits fall within maximum emerging benefits.
Defined contribution occupational pension schemes generate guaranteed benefits based typically on final pensionable salary and years of service since joining the scheme.
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