Pension Lawyer - The Negotiator

2008-11-03 15:14:14

( Business )



After many years of working, many people are looking forward to retirement and their retirement pension. A pension is a steady income given to a person upon retirement, typically in the form of a guaranteed annuity. A pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Labor unions, the government, or other organizations may also fund pensions.

Occupational pensions are a form of deferred compensation, usually advantageous to employee and employer for tax reasons. Many pensions also contain an insurance aspect, such as those offered by Prudential pension and NHS pension scheme since they often will pay benefits to survivors or disabled beneficiaries, while annuity income insures against the risk of longevity.

Retirement pension or superannuation plans is an arrangement by which an employer (for example, a corporation, labour union, government agency) provides income to its employees after retirement. Pension plans are a form of "deferred compensation." Many employers want to offer pension plans, not because of the law but because it helps them to recruit and keep good workers, or because a union has won a pension plan in negotiations. However, once an employer does offer a pension plan, several federal laws (passed in 1974 and since) set guidelines for how the plan must operate.

If you want to know understand and enforce your pension rights, a pension lawyer is a professional who can represent workers, retirees and their families in pension matters. A pension lawyer can also be a specialist in claims for benefits in private, nonprofit, and public pension plans addressing the full range of retirement benefits. There is also a pension lawyer who has family law expertise to handle claims involving the division of pensions at divorce. The role of a pension lawyer in pension-related cases is to provide cost-effective solutions to all your pension problems.

As a person entitled to a pension, generally you have the right to a specific information about the plan, including a summary plan description, which informs you of the terms of the plan; to be paid the benefits in which you are entitled; and honest administration of the plan. Planning for your retirement is of critical importance since your pension may be your sole income when you get older and could cover the cost of your bills and allow you to live comfortably.


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