Experience: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (mend) |
imported>Doug Williamson (Expand 2nd definition.) |
||
| Line 12: | Line 12: | ||
For an individual, experience generally relates to their past work - especially relevant work - contrasted with academic studies. | For an individual, experience generally relates to their past work - especially relevant work - contrasted with academic studies. | ||
Volunteer work can also be relevant experience. | |||
Latest revision as of 18:02, 7 July 2022
1. Pensions.
Liability projections require assumptions for a number of variables, including mortality, early leavers, inflation and other factors.
Actual experience of these variables will cause the liabilities at any point in the future to differ from the projections, which will in turn influence contribution rates and the like.
For example, increasing longevity will lead to increased liabilities (and hence to increased contribution rates).
2. Career planning.
For an individual, experience generally relates to their past work - especially relevant work - contrasted with academic studies.
Volunteer work can also be relevant experience.
