PensionA pension (ˈpɛnʃən; ) is a fund into which amounts are paid regularly during the individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be: a "defined benefit plan", where defined periodic payments are made in retirement (and the sponsor of the scheme (e.g. the employer) must make further payments into the fund if necessary to support these defined retirement payments), or a "defined contribution plan", under which defined amounts are paid in during the working life, and the retirement payments are whatever can be afforded from the fund.
Old ageOld age is the range of ages for persons nearing and surpassing life expectancy. People of old age are also referred to as: old people, elderly, elders, seniors, senior citizens, or older adults. Old age is not a definite biological stage: the chronological age denoted as "old age" varies culturally and historically. Some disciplines and domains focus on the aging and the aged, such as the organic processes of aging (senescence), medical studies of the aging process (gerontology), diseases that afflict older adults (geriatrics), technology to support the aging society (gerontechnology), and leisure and sport activities adapted to older people (such as senior sport).
Canada Pension PlanThe Canada Pension Plan (CPP; Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security (OAS). Other parts of Canada's retirement system are private pensions, either employer-sponsored or from tax-deferred individual savings (known in Canada as a registered retirement savings plan).
Pension fundA pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income. Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold about USD6trillioninassets.In2012,PricewaterhouseCoopersestimatedthatpensionfundsworldwideholdover33. Defined benefit pension planDefined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.
Consulting firmA consulting firm or simply consultancy is a professional service firm that provides expertise and specialised labour for a fee, through the use of consultants. Consulting firms may have one employee or thousands; they may consult in a broad range of domains, for example, management, engineering, and so on. Management consultants, in particular, typically work with company executives and provide them with generalists and industry-specific specialists, known as subject-matter experts, usually trained in management or in business schools.
InsuranceInsurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured.
Gender pay gapThe gender pay gap or gender wage gap is the average difference between the remuneration for men and women who are working. Women are generally found to be paid less than men. In the United States, for example, the average annual salary of a woman is 83% that of a man. However, this figure changes when controlled for confounding factors such as differences in hours worked, occupations chosen, education, job experience, and level of danger at work. Attempts to control for these factors arrive at adjusted figures from 95% to 99%.
Financial modelingFinancial modeling is the task of building an abstract representation (a model) of a real world financial situation. This is a mathematical model designed to represent (a simplified version of) the performance of a financial asset or portfolio of a business, project, or any other investment. Typically, then, financial modeling is understood to mean an exercise in either asset pricing or corporate finance, of a quantitative nature. It is about translating a set of hypotheses about the behavior of markets or agents into numerical predictions.
Management consultingManagement consulting is the practice of providing consulting services to organizations to improve their performance or in any way to assist in achieving organizational objectives. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external (and presumably objective) advice and accessing consultants' specialized expertise regarding concerns that call for additional oversight. As a result of their exposure to and relationships with numerous organizations, consulting firms are typically aware of industry "best practices".
