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保险英语Unit 3

时间:2006-01-16 16:00来源:互联网 提供网友:沧海一鱼   字体: [ ]
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  [00:00.00]How pensions work in the United States
[00:02.77]A pension is an income payable1 after a worker retires,usually at the age of 60 or above,
[00:09.90]depending on the provisions of the particular retirement2 plan.
[00:13.35]Pensions can also be paid out earlier if a worker becomes disabled,or to the survivors3 of a worker who dies.
[00:20.51]About 90 percent of all U.S. workers are covered for retirement and disability under SOCIAL SECURITY.
[00:28.32]Most of the others are members of some public-employee retirement system.
[00:33.18]Perhaps half of all workers in the private sector4 are covered by some form of private pension or PROFIT-SHARING plan.
[00:41.27]Modern retirement plans come in two general forms.
[00:45.19]In a defined-benefit plan the amount of the pension is specified5 by some formula recognizing the worker's length of service and earning history;
[00:54.49]then the contributions(from employer and employee) needed to provide the pension are determined6.
[01:01.13]A defined-contribution plan indicates how the contributions are to be determined on behalf of each employee
[01:08.62]and accumulates these contributions in an interest-earning fund;then,at retirement age,
[01:14.55]the accumulated fund is applied7 to provide whatever pension it will.
[01:19.12]A typical pension plan,of either type,will be a written document of some complexity8.
[01:25.32]Among the detailed9 provisions that will be found are:
[01:28.95]1.The rules that determine which workers are eligible10 to become plan members;
[01:34.96]2.The age or ages at which workers can retire,and any choices they may have with respect to retirement age or to the form of the retirement income;
[01:46.21]3.The details of the pension formula(if a defined-benefit plan) or of the contribution formula(if a defined-contribution plan);
[01:55.91]4.The rules with respect to the disposition11 of a worker's pension if he or she leaves employment before retirement age or dies;
[02:04.63]5.The arrangements by which the employer and employee contribute to the cost of the benefits provided.
[02:11.79]Retirement plans can be classified in terms of the entity12 that sponsors the plan.
[02:17.30]When the sponsoring agency is some part of government,the plan is considered to be in the public sector.
[02:23.57]When the plan is sponsored by an employer,when it arises out of the collective-bargaining process,
[02:29.39]or when it is arranged on an individual basis by the worker,it is said to be in the private sector.
[02:35.32]Private pension plans and state or local government accumulate substantial amounts of money awaiting distribution in the form of pensions.
[02:44.65]These dollars are invested in virtually every kind of income-producing resource,
[02:49.59]including stocks,bonds,mortgages,and real estate.
[02:55.33]As pension funds have increased,they have become an increasingly important factor in the nation's economy.
[03:01.97]The actual management of pension-fund assets is often the responsibility of some institutional investor-
[03:09.13]typically the trust departments of major banks or the investment departments of life insurance companies.
[03:15.79]The aging of the American population(there were 25 million people age 65 and over in 1980; an estimated 29.2 million in 1986;
[03:26.39]and a projected 64.5 million by the year 2030)has given increased economic importance to pension fund
[03:34.15]In the United States,public and private funds totaled $1.4 trillion in 1986,representing an enormous force in financial markets.
[03:44.63]Nevertheless,only slightly more than 40 percent of civilian13 workers were covered by company-provided pensions in the late 1980s.
[03:53.35]Control of pension fund investments
[03:55.86]It is perfectly14 possible,although not necessarily wise,for an employer to set up a pension scheme where the benefits,
[04:03.30]are paid out of moneies solely15 provided by the employer out of revenues.
[04:07.98]Such a scheme would,of course,be heavily dependent upon the consistency16 of profits of the employer
[04:13.99]and in most circumstances would not give much security to the pensioner17 or prospective18 pensioner.
[04:20.65]This type of scheme is to be found on the Continent and is generally known as a "Book Reserve Scheme".
[04:27.70]Nearly all employers(and the government by virtue19 of the tax exemptions20 on investment activities which it gives).
[04:34.96]recognise that a more secure base for the payment of pensions can be achieved by setting aside monies in a trust fund and investing them in a variety of Stock Exchange and other securities.
[04:47.43]Such a trust fund will consist of the contributions of the employer,the contributions of the employee,
[04:53.80](in the case of a contributory fund),and the investment income from previously21 acquired investments and those assets themselves.
[05:02.45]The management of the trust fund will be carried out by the trustees who are normally appointed by the employer.
[05:09.13](but increasingly from names put forward for appointment by an elective process carried out in conjunction with trade unions and other employee representative bodies
[05:19.35]While all the duties of the trustees are extremely important(and they are dealt with elsewhere in this book),among the most onerous22 is the investment of the trust property.
[05:29.51]The manner in which the trustees carry out their investment responsibilities will be governed by the trust deed,
[05:35.73]or other instrument under which the pension scheme is constituted.
[05:39.25]Most,if not all,modern trust deeds will have a specific investment clause which will permit the trustees to invest over a wide range
[05:48.40]which enables them to take full advantage of the various investment outlets23 available to them.
[05:53.96]No matter whether the funds are self-administered,internally or externally managed or wholly managed by an insurance company,
[06:02.37]the trustees cannot abrogate24 their responsibility for the investments of the scheme.
[06:07.46]It is,therefore,important that the essentials of policy-making are fully25 understood.
[06:12.98]Investment policy will be a function of the requirements of the scheme.
[06:17.39]The vast majority of present-day pension schemes are what are known as "finalsalary" or "defined-benefit" schemes.
[06:25.70]In this type of scheme,the pension payable is linked to the salary of the pensioner before retirement.
[06:31.89](perhaps the average of the last five years,three years or,more commonly these days,the salary in the final year).
[06:40.22]Final-salary schemes have the merit of at least making sure that the pension,when first paid,
[06:45.92]has taken account of inflationary movements in salaries up to the point of retirement.
[06:51.30]Such a link is an important factor in the type of investment policy followed.
[06:56.10]While final-salary schemes are now the most common,the money purchase or defined-contribution schemes cannot be totally ignored.
[07:05.01](and they have come back into the limelight following the recent decline in the rate of inflation.)
[07:09.87]Clearly,an investment policy designed to cater26 for inflation,at least to the point of retirement,
[07:16.69]will be quite different from one which does not attempt to do this.


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1 payable EmdzUR     
adj.可付的,应付的,有利益的
参考例句:
  • This check is payable on demand.这是一张见票即付的支票。
  • No tax is payable on these earnings.这些收入不须交税。
2 retirement TWoxH     
n.退休,退职
参考例句:
  • She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
  • I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。
3 survivors 02ddbdca4c6dba0b46d9d823ed2b4b62     
幸存者,残存者,生还者( survivor的名词复数 )
参考例句:
  • The survivors were adrift in a lifeboat for six days. 幸存者在救生艇上漂流了六天。
  • survivors clinging to a raft 紧紧抓住救生筏的幸存者
4 sector yjczYn     
n.部门,部分;防御地段,防区;扇形
参考例句:
  • The export sector will aid the economic recovery. 出口产业将促进经济复苏。
  • The enemy have attacked the British sector.敌人已进攻英国防区。
5 specified ZhezwZ     
adj.特定的
参考例句:
  • The architect specified oak for the wood trim. 那位建筑师指定用橡木做木饰条。
  • It is generated by some specified means. 这是由某些未加说明的方法产生的。
6 determined duszmP     
adj.坚定的;有决心的
参考例句:
  • I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
  • He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。
7 applied Tz2zXA     
adj.应用的;v.应用,适用
参考例句:
  • She plans to take a course in applied linguistics.她打算学习应用语言学课程。
  • This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。
8 complexity KO9z3     
n.复杂(性),复杂的事物
参考例句:
  • Only now did he understand the full complexity of the problem.直到现在他才明白这一问题的全部复杂性。
  • The complexity of the road map puzzled me.错综复杂的公路图把我搞糊涂了。
9 detailed xuNzms     
adj.详细的,详尽的,极注意细节的,完全的
参考例句:
  • He had made a detailed study of the terrain.他对地形作了缜密的研究。
  • A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。
10 eligible Cq6xL     
adj.有条件被选中的;(尤指婚姻等)合适(意)的
参考例句:
  • He is an eligible young man.他是一个合格的年轻人。
  • Helen married an eligible bachelor.海伦嫁给了一个中意的单身汉。
11 disposition GljzO     
n.性情,性格;意向,倾向;排列,部署
参考例句:
  • He has made a good disposition of his property.他已对财产作了妥善处理。
  • He has a cheerful disposition.他性情开朗。
12 entity vo8xl     
n.实体,独立存在体,实际存在物
参考例句:
  • The country is no longer one political entity.这个国家不再是一个统一的政治实体了。
  • As a separate legal entity,the corporation must pay taxes.作为一个独立的法律实体,公司必须纳税。
13 civilian uqbzl     
adj.平民的,民用的,民众的
参考例句:
  • There is no reliable information about civilian casualties.关于平民的伤亡还没有确凿的信息。
  • He resigned his commission to take up a civilian job.他辞去军职而从事平民工作。
14 perfectly 8Mzxb     
adv.完美地,无可非议地,彻底地
参考例句:
  • The witnesses were each perfectly certain of what they said.证人们个个对自己所说的话十分肯定。
  • Everything that we're doing is all perfectly above board.我们做的每件事情都是光明正大的。
15 solely FwGwe     
adv.仅仅,唯一地
参考例句:
  • Success should not be measured solely by educational achievement.成功与否不应只用学业成绩来衡量。
  • The town depends almost solely on the tourist trade.这座城市几乎完全靠旅游业维持。
16 consistency IY2yT     
n.一贯性,前后一致,稳定性;(液体的)浓度
参考例句:
  • Your behaviour lacks consistency.你的行为缺乏一贯性。
  • We appreciate the consistency and stability in China and in Chinese politics.我们赞赏中国及其政策的连续性和稳定性。
17 pensioner ClOzzW     
n.领养老金的人
参考例句:
  • The tax threshold for a single pensioner is$ 445.单身领退休年金者的纳税起点为445英镑。
  • It was the pensioner's vote late in the day that influenced the election of Mr.Sweet.最后是领取养老金者的选票影响了斯威特先生的当选。
18 prospective oR7xB     
adj.预期的,未来的,前瞻性的
参考例句:
  • The story should act as a warning to other prospective buyers.这篇报道应该对其他潜在的购买者起到警示作用。
  • They have all these great activities for prospective freshmen.这会举办各种各样的活动来招待未来的新人。
19 virtue BpqyH     
n.德行,美德;贞操;优点;功效,效力
参考例句:
  • He was considered to be a paragon of virtue.他被认为是品德尽善尽美的典范。
  • You need to decorate your mind with virtue.你应该用德行美化心灵。
20 exemptions 98510082c83cd5526d8e262de8a35d2d     
n.(义务等的)免除( exemption的名词复数 );免(税);(收入中的)免税额
参考例句:
  • The exemptions for interpretive rules, policy statements, and procedural rules have just been discussed. 有关解释性规则、政策说明和程序规则的免责我们刚刚讨论过。 来自英汉非文学 - 行政法
  • A: The regulation outlines specific exemptions for some WPM. 答:该规定概述了某些木质包装材料的特定的例外情形。 来自互联网
21 previously bkzzzC     
adv.以前,先前(地)
参考例句:
  • The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
  • Let me digress for a moment and explain what had happened previously.让我岔开一会儿,解释原先发生了什么。
22 onerous 6vCy4     
adj.繁重的
参考例句:
  • My household duties were not particularly onerous.我的家务活并不繁重。
  • This obligation sometimes proves onerous.这一义务有时被证明是艰巨的。
23 outlets a899f2669c499f26df428cf3d18a06c3     
n.出口( outlet的名词复数 );经销店;插座;廉价经销店
参考例句:
  • The dumping of foreign cotton blocked outlets for locally grown cotton. 外国棉花的倾销阻滞了当地生产的棉花的销路。 来自《简明英汉词典》
  • They must find outlets for their products. 他们必须为自己的产品寻找出路。 来自《现代汉英综合大词典》
24 abrogate yytz2     
v.废止,废除
参考例句:
  • When can we abrogate the national boundaries all over the world?什么时候可以在全球取消国界?
  • A government may abrogate any unfair treaties.政府可以取消任何不公平的条约。
25 fully Gfuzd     
adv.完全地,全部地,彻底地;充分地
参考例句:
  • The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气,然后全部呼出。
  • They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。
26 cater ickyJ     
vi.(for/to)满足,迎合;(for)提供饮食及服务
参考例句:
  • I expect he will be able to cater for your particular needs.我预计他能满足你的特殊需要。
  • Most schools cater for children of different abilities.大多数学校能够满足具有不同天资的儿童的需要。
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TAG标签:   保险英语  unit  保险英语
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