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History of Pension Funds In tradition, welfare of the elderly was the role of the family unit. However, during the twentieth Century the population began to grow in the UK and USA and the "elderly became a serious problem that only the apparatus of the state was able to help" 1 Problems raised when the state was no longer able to provide support to the elderly due the elderly becoming older, improvements with medicine, improvements in general standards of living and so on, which led to the role of financial institutions. I.e. the creation of pension funds which has now become one of the largest financial institutions in the USA and UK. Information about Pension Funds Pension plans an "agreement by a sponsor to provide income to participants upon their retirement."2 This is where it uses pension funds as the financial intermediary to manage the assets and pays the benefits of a pension...

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