Managing Pension Products

Definition

Managing Pension Products. In the context of the Financial Competence Framework, Managing Pension Products is a topic in the Planning And Managing Finances subject matter domain.

Competences

Mastering the role of Managing Pension Products in financial literacy context requires the following competences:

Code	Competency Description	Competency Type
260	Understands that it is important to plan the pay-out phases of retirement as well as the accumulation phase	Knowledge
261	Aware of the main options for drawing an income from a pension product at retirement	Knowledge
262	Aware of the risks of drawing money from retirement savings or borrowing against them before retirement	Knowledge
263	Aware of reliable digital tools developed by impartial providers designed to make retirement related calculations and manage pensions on a regular basis	Knowledge
264	Follows retirement plan and makes adjustments as necessary in order to achieve required income in old age	Skill
265	Makes active decisions to manage savings for and during retirement [where relevant]	Skill
266	Seeks to benefit from incentive schemes to encourage retirement saving such as employer matching and tax advantages when possible	Skill
267	Considers the impact of nudges such as opt-out pensions or compulsory minimum contributions on retirement saving	Skill