Types of pensions

The types of monthly sums paid to someone in retirement, such as employment-based pensions, social and state pensions, disability pensions and private pensions.

types of retirement accounts+K64
types of social security
types of retirement funds

knowledge

cross-sector

Types of pensions is an essential knowledge of the following occupations:

Pensions administrator: Pensions administrators perform administrative duties in the management of pension schemes, ensuring the correct calculation of client’s pension benefits, compliance with legal requirements, drafting reports and communicating relevant information to customers. They work either in the private or the public sector.
Pension scheme manager: Pension scheme managers coordinate pension schemes in order to provide benefits in retirement to individuals or organisations. They ensure the daily deployment of the pension fund and define the strategic policy for developing new pension packages.

Types of pensions is optional for these occupations. This means knowing this knowledge may be an asset for career advancement if you are in one of these occupations.

Actuarial consultant: Actuarial consultants analyse, manage and provide guidance on financial impact of risks. They can work in fields related to insurance, pension, investment, banking, healthcare etc. Actuarial consultants apply technical and statistical models and theories to give strategic, commercial, and financial advice.
Investment manager: Investment managers administer the portfolio of investments that a company has. They perform close follow up of the investments looking for the most profitable solutions represented in financial products or securities. They analyse behaviour in financial markets, interests rates, and the companies’ position in order to advise on risks and profitability for the client.
Financial planner: Financial planners assist people dealing with various personal financial issues. They are specialised in financial planning, such as retirement planning, investment planning, risk management and insurance planning, and tax planning. They advise a strategy tailored to the client’s needs. They ensure the accuracy of bank and other financial records while maintaining a customer-orientated approach and following ethical standards.
Financial manager: Financial managers handle all the matters in reference to the finance and investments of a company. They manage financial operations of companies such as the assets, liabilities, equity and cash flow aiming to maintain the financial health of the company and operative viability. Financial managers evaluate the strategic plans of the company in financial terms, maintain transparent financial operations for taxation and auditing bodies, and create the financial statements of the company at the end of the fiscal year.
Post office counter clerk: Post office counter clerks sell products and services at a post office. They assist customers with picking up and sending mail. Post office counter clerks also sell financial products.
Human resources manager: Human resources managers plan, design and implement processes related to the human capital of companies. They develop programs for recruiting, interviewing, and selecting employees based on a previous assessment of the profile and skills required in the company. Moreover, they manage compensation and development programs for the company’s employees comprising trainings, skill assessment and yearly evaluations, promotion, expat programs, and general assurance of the well-being of the employees in the workplace.

References

1. Types of pensions – ESCO