:shrug: this is not true. Pensions come with their own individual rules, some of which offer lump sums and some of which do not. The US Military Pension and Federal Civil Service Pensions, for example, do not offer lump-sum payment upon retirement (if you leave civil service early you can pull out what you paid in in return for never getting a pension, and there is a military rule that allows you to receive a small lump sum at a point in your career - well before retirement - with the cost of a reduced pension payment).
You have not demonstrated this - you have instead argued that the rules for passing on OASI are more restrictive than the laws governing what individual private pensions are allowed to set up (incidentally, those restrictions also apply to military pensions). Which is not a condition that would cause OASI to be or not be a pension.
I might as well argue that OASI's are pensions because both are primarily paid out through digital transfer. It's a non sequitur.
..... no. Pensions include types where recipients can take lump sums, types where they can't, types where the money can run out, and types where it doesn't.
I think you are conflating "Pension" with "defined contribution plan". As opposed to a
Defined Benefit Pension Plan, where "
an employer/sponsor promises a specified monthly benefit on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns."
Gosh. What does that sound like.
Oh. That sounds
exactly like how OASI works.
Types of pensions
Employment-based pensions
A retirement plan is an arrangement to provide people with an income during retirement when they are no longer earning a steady income from employment. Often retirement plans require both the employer and employee to contribute money to a fund during their employment in order to receive defined benefits upon retirement. It is a tax deferred savings vehicle that allows for the tax-free accumulation of a fund for later use as a retirement income. Funding can be provided in other ways, such as from labor unions, government agencies, or self-funded schemes. Pension plans are therefore a form of "deferred compensation". A SSAS is a type of employment-based Pension in the UK.
Some countries also grant pensions to military veterans. Military pensions are overseen by the government; an example of a standing agency is the United States Department of Veterans Affairs. Ad hoc committees may also be formed to investigate specific tasks, such as the U.S. Commission on Veterans' Pensions (commonly known as the "Bradley Commission") in 1955–56.
Pensions may extend past the death of the veteran himself, continuing to be paid to the widow...
Social and state pensions
Many countries have created funds for their citizens and residents to provide income when they retire (or in some cases become disabled). Typically this requires payments throughout the citizen's working life in order to qualify for benefits later on. A basic state pension is a "contribution based" benefit, and depends on an individual's contribution history. For examples, see National Insurance in the UK,
or Social Security in the United States of America....
Sure. The same is true of many pension plans. The US Military and Civil Service pensions, for example. OASI for another.
No I'm not. A) I can still work after 65, and B) I know when I am going to turn 65. There is nothing unanticipated or risky.
And if it
was a transfer of risk,
then the insurance would only pay out when that risk was realized. IE: when I began to approach poverty, due to an inability to work.
:lol: I'm not the one trying to redefine "pension" as "that which can be inherited by a hooker".
