Abstract

AbstractThere are three main types of pension ‐ state pensions, employment pensions, and private pensions. Employment pensions are usually either defined benefit or defined contribution schemes. Pensions are a form of remuneration and can be used to attract, retain and motivate employees. Defined benefit schemes can also be used to encourage employees to retire and to attract higher quality employees. In addition, defined benefit schemes allow the employer to effectively bond the workforce not to take industrial action.

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