INTM336010 - Double Taxation applications and claims: applicants/claimants: pension funds: What a pension fund is
A pension/provident/superannuation fund is usually created by an employer for the benefit of its employees. »Ê¹ÚÌåÓýapp fund is intended to provide them with a pension/ annuity either when they retire at a specified age or at an earlier age if they become unable to work for any other reason. »Ê¹ÚÌåÓýappre is often also provision for the widows/widowers/children of deceased employees.
»Ê¹ÚÌåÓýapp fund is usually created by a trust deed/set of rules which sets out the terms and conditions of the fund. »Ê¹ÚÌåÓýapp fund is administered by trustees who may be representatives of the employer and employees or quite independent persons. »Ê¹ÚÌåÓýappse can include a trustee company or other professional body, or (in Japan) a trust bank.
»Ê¹ÚÌåÓýapp fund is financed by contributions from the employer and the employees. »Ê¹ÚÌåÓýapp capital is invested by the trustees in various types of securities.