Pension pillar

Pension pillar,

Definition of Pension pillar:

  1. A type of pension format that was adopted by many companies throughout Europe. The goal of this system is to separate the objectives of retirement plans into various pillars such as those that are standardized, those that are funded, and those that are considered voluntary private funded accounts.

  2. The World Bank’s policy five-pillar framework defines a range of design elements to determine the pension system modalities and options that should be considered. There were originally three pillars outlined by the World Bank, along with mandatory individual funded savings. It ranges from a basic, minimal degree of social protection to financial and nonfinancial support from various generations to the elderly.

  3. A pension pillar is one of five pension formats outlined by the World Bank. The five pillar concept was developed in 2005 and has since been adopted by many economically reforming countries in Central and Eastern Europe.

How to use Pension pillar in a sentence?

  1. The system ranges from a basic, minimal degree of social protection to financial and nonfinancial support from various generations to the elderly.
  2. The five-pillar framework defines a range of design elements to determine the pension system modalities and options that should be considered. .
  3. The Canada Pension Plan, the U.S. Social Security system, the 401(k), IRA and RRSP schemes all fall within the scope of the five pillar system.
  4. A pension pillar is one of five pension formats outlined by the World Bank, which were developed in 2005.

Meaning of Pension pillar & Pension pillar Definition