Difference between private pension and suplementary pension
Answers
Explanation:
Private pensions
Nowadays, governments of developed countries have reduced the amount of money for providing pension security. ... Usually, three-pillar pension system is introduced. The first pillar is related to state pensions, the second one to supplementary pensions and the third one to voluntary individual (private) pensions.
Supplementary pensions
Supplementary pension is an amount of money payable to retirees in accordance with the terms of teachers' pension schemes. It is paid in addition to the occupational pensionwhere a teacher has paid coordinated pensioncontributions as follows: full rate PRSI (Class A) contributions while in pensionable service, and/or.
Explanation:
Private pension: is a plan into which individual contribute from their earnings which there will pay them a private pension after retirement.it is an alternative to the state pension . usually individual invest fund into savings scheme or mutual funds run by insurance companies.
supplementary:is the pension accrued for employees by an employer or sector supplementary pension referred to as the second pillar or pensions.