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Key stakeholders (State (Balance... (providing benefits to some or all of…
Key stakeholders
State
Role
direct provision of benefits
encouragement for other providers
regulation of provision by other providers
Balance...
providing benefits to some or all of the population
providing or requiring education about the need for provision
encouraging or compelling provision
regulating providers of benefits and managers of the assets
Increasing importance is attached to long-term ill health and dependants' death benefits.
Employers
role
finance benefits for their employees
why?
from compulsion or encouragement from the State
from paternalism
to attract and retain services of good quality employees
a tool to help workforce management
types of scheme
Formal employer-sponsored
ensure a consistent approach between employees
help control costs
Joint sponsor schemes
e.g. industry wide schemes
flexible benefit schemes
EEs can select from a menu of different benefit options
different groups within the workforce can select benefits appropriate to them
benefit packages can change over time as personal circumstances change
Individuals
role
finance benefit provision
why?
compulsion or encouragement by the State or the employer
how?
informal arrangements
formerly structured plans
pooling resources
e.g. Continuing Care Retirement Communities (CCRCs)
Trustees
role
operate the scheme in line with legislation and the trust deed and rules which usually set out:
how the scheme should operate
how assets can be invested
the benefits that will be paid
may have power to make some decisions
e.g. exercise discretion on who is eligible for ill-health benefits.
ensure that arrangement will have the assets available to meet benefit payments as they fall due
agree financing with the employer