This unit covers key concepts and terms in pension scheme management, understanding how pension schemes and funds are managed, and dealing with pension iss
Topic Synopsis
This unit covers key concepts and terms in pension scheme management, understanding how pension schemes and funds are managed, and dealing with pension issues.
Key Concepts & Core Principles
- Collective bargaining: The process by which trade unions negotiate with employers on behalf of their members to agree on terms and conditions of employment, such as pay, hours, and working conditions.
- Trade union recognition: The legal process by which a union is formally recognised by an employer for collective bargaining purposes, often requiring a ballot of workers and meeting statutory thresholds under the Trade Union and Labour Relations (Consolidation) Act 1992.
- Industrial action: Actions taken by workers, such as strikes or work-to-rule, to pressure employers during disputes. Students must understand the legal requirements for lawful industrial action, including balloting and notice periods.
- Union reps and their rights: The roles of shop stewards, health and safety representatives, and learning representatives, along with their statutory rights to time off for training and duties under the Employment Rights Act 1996.
- The role of ACAS: The Advisory, Conciliation and Arbitration Service, which provides mediation and arbitration to resolve industrial disputes and promotes good employment relations.
Exam Tips & Revision Strategies
- Use real-world examples to illustrate concepts.
- Stay updated on current pension regulations.
- Practice explaining complex terms simply.
Common Misconceptions & Mistakes to Avoid
- Confusing defined benefit and defined contribution schemes.
- Overlooking the impact of charges on fund performance.
- Failing to consider the member's individual circumstances.
Examiner Marking Points
- Define key pension terms and concepts.
- Explain how pension schemes and funds are managed.
- Identify common pension issues and how to address them.
- Advise members on pension matters effectively.