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A pension plan that requires the employer to make annual pension contributions, with no promise to employees regarding future pension payments, is termed
A) funded
B) unfunded
C) defined benefit
D) defined contribution
Defined Contribution Plan
A retirement plan in which the employer, employee, or both make contributions on a regular basis, but the future benefit is not predetermined.
Pension Plan
A type of retirement plan that requires an employer to make contributions to a pool of funds set aside for an employee's future benefit.
Annual Pension Contributions
The total amount of money contributed to a pension fund by the employer, employees, or both within a year, intended to support employees' retirement benefits.
- Comprehend the basic principles of pension schemes and their implications for financial statements.
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Learning Objectives
- Comprehend the basic principles of pension schemes and their implications for financial statements.
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