Essay On Pension Plan
Chapter Three
Literature Review
Pension plan
The pension plan is an investment to the retirement stage of the life, from younger working age. When a person is getting retired that particular person can obtain a monthly income as a pension. Most of the people are not ready to plan their post-working life and many of methods such as savings, and planning has been introduced (Ng, Tay, Tan & Lim, 2011). Early planning and preparation eliminate fear of retiree and future uncertainty is reduced by it (Ng et al., 2011). Pension planning is designing the lifestyle of the pensioned or retired period (Metlife mature market institute, n.d.). The pension plan is an investment decision because it decide the future income of the people and it generates benefits to the person who purchase an insurance plan. Therefore, pension plan can consider as an investment decision. So, according to that investment
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Some risks have direct impact on personal lives, health, dependent old age, etc. (Baranoff, Brocket & Khane, n.d). When aconsumer take decision about the retirement plan, they have to consider the benefits receive from the investment they do on retirement plan and for defined contribution pension scheme, amount of contribution that the consumer do and returns of pension plan, and longevity expectation of the consumer and the inflation should be considered (Oxera,2013). Consumers face Independent risk even they self-protective investment for their pnsion plan and also even the pension suppliers provide huge benefits, consumers face many of investment risk through scheme surplus and uncertain future annuities and also consumer may face to pesion adequacy risk(Oxera,2013). The adequacy can be elaborate as adequacy of the pension they receive in future. This adequacy can be measured along two dimensions income replacement and poverty
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