MANAGEMENT, LEADERSHIP AND ORGANISATION

Management, Leadership and Organisation

Management, Leadership and Organisation

Assignment - 1

Pensions

Pension benefits are a critical component of income security for retired workers. In the broadest terms, a pension program is any program that established by means of which a worker earns a benefit that will provide income during retirement. Favourable tax treatment dating back to 1921 encouraged the development of the U.K. pension system. Most pensions take the form of an annuity and generate periodic payments to the recipient (Kolb, 2006, 23-30). They can be set up by the individual's employer, trade unions, or the government.

Pension plans have been around for over 200 years in the United Kingdom. Exactly where did pensions come from or why were they created or developed in the first place will be looked at and examined in this paper. Along with pensions is another form of a contribution plan, a 401(k) plan which like pensions most have heard about or more then likely have one of their own. In some cases, people have both a pension and 401(k) plan at their employment. Like pensions, 401(k) plans have a history, not as long as the traditional pension, a few decades. The paper will look at how the country went from only offering pension plans to offering 401(k) plans collectively or solely, and why. During the discussion, of pensions it will be brought up the different pension plans that are available for different classifications of workers, for example, an Employee Stock Ownership Plan, Simplified Employee Pension, Thrift Savings Plan, and Cash Balance Plan. There are two basic retirement plans, defined benefit plans and defined contribution plans. The meaning and differences between both plans examined. As businesses go in the United Kingdom (Rajnes, 2002, 201-205). There are public employers, such as the Federal Government or state government, as well as private employers such as PNC Bank, United Parcel Service. As with most things in life there are pros and cons, and pensions and 401(k) plans are no different. With the economy in the United Kingdom being in a recession one cannot dismiss the current state of pensions and 401(k) plans and what effect if any this has had on employers and employees alike (Kolb, 2006, 23-30).

Pension plans have been apart of the United Kingdom and its history from the beginning of the United Kingdom. Pensions started with the Presbyterian and Moravian Churches during the colonial days (History Pensions). The churches starting pensions was for the families left behind when the husband was a minister had passed away, and the family needed money to sustain themselves (History Pensions) (Rajnes, 2002, 201-205). During the colonial days, it was the practice for the woman to stay home and tend to the children and take care of the daily work at home. Since the wife did not have an income source the Presbyterian and Moravian Churches wanted to ensure the wife and family of the deceased minister financially taken care of (History Pensions).

Assignment - 2

E-recruitment - how can the latest ...