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le mécanisme dit de la Répartition

English translation: the mechanism called PAYGO/Pay as you go (pension system)

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
French term or phrase: le mécanisme dit de la Répartition
English translation:the mechanism called PAYGO/Pay as you go (pension system)

15:38 Feb 8, 2016
    The asker opted for community grading. The question was closed on 2016-02-12 15:54:08 based on peer agreement (or, if there were too few peer comments, asker preference.)


French to English translations [PRO]
Bus/Financial - General / Conversation / Greetings / Letters / Explanation of pension issues
French term or phrase: le mécanisme dit de la Répartition
This is from an explanatory guidelines for contract terms of a new employee, covering mainly pension details.

"L’essentiel des régimes sociaux au Maroc, base de notre couverture de retraite actuelle, fonctionne selon le mécanisme dit de la Répartition"

Would I be best to use "allocation" or "distribution" here?

My target sentence reads;

"The main part of Moroccan social security schemes, based on ones current pension coverage, operates in accordance with the mechanism that we call Allocation."
Lara Barnett
United Kingdom
Local time: 13:04
the mechanism called PAYGO/Pay as you go (pension system)
Explanation:
https://en.wikipedia.org/wiki/PAYGO#Social_insurance

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Note added at 21 mins (2016-02-08 15:59:51 GMT)
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https://fr.wikipedia.org/wiki/Retraite_par_répartition

--------------------------------------------------
Note added at 28 mins (2016-02-08 16:07:00 GMT)
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Defined benefit plans may be either funded or unfunded.

In an unfunded defined benefit pension, no assets are set aside and the benefits are paid for by the employer or other pension sponsor as and when they are paid. Pension arrangements provided by the state in most countries in the world are unfunded, with benefits paid directly from current workers' contributions and taxes. This method of financing is known as Pay-as-you-go (PAYGO or PAYG).[13] The social security systems of many European countries are unfunded,[14] having benefits paid directly out of current taxes and social security contributions, although several countries have hybrid systems which are partially funded. Spain set up the Social Security Reserve Fund and France set up the Pensions Reserve Fund; in Canada the wage-based retirement plan (CPP) is partially funded, with assets managed by the CPP Investment Board while the U.S. Social Security system is partially funded by investment in special U.S. Treasury Bonds.

In a funded plan, contributions from the employer, and sometimes also from plan members, are invested in a fund towards meeting the benefits. All plans must be funded in some way, even if they are pay-as-you-go, so this type of plan is more accurately known as pre-funded. The future returns on the investments, and the future benefits to be paid, are not known in advance, so there is no guarantee that a given level of contributions will be enough to meet the benefits. Typically, the contributions to be paid are regularly reviewed in a valuation of the plan's assets and liabilities, carried out by an actuary to ensure that the pension fund will meet future payment obligations. This means that in a defined benefit pension, investment risk and investment rewards are typically assumed by the sponsor/employer and not by the individual. If a plan is not well-funded, the plan sponsor may not have the financial resources to continue funding the plan. In many countries, such as the USA, the UK and Australia, most private defined benefit plans are funded[citation needed], because governments there provide tax incentives to funded plans (in Australia they are mandatory). In the United States, non-church-based private employers must pay an insurance-type premium to the Pension Benefit Guaranty Corporation (PBGC), a government agency whose role is to encourage the continuation and maintenance of voluntary private pension plans and provide timely and uninterrupted payment of pension benefits. When the PBGC steps in and takes over a pension plan, it provides payment for pension benefits up to certain maximum amounts, which are indexed for inflation.[1]
Selected response from:

Francois Boye
United States
Local time: 08:04
Grading comment
Selected automatically based on peer agreement.
4 KudoZ points were awarded for this answer



Summary of answers provided
5 +2the mechanism called PAYGO/Pay as you go (pension system)
Francois Boye
4the system termed "redistribution"
dwt2


Discussion entries: 2





  

Answers


17 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
the system termed "redistribution"


Explanation:
A pension system which is funded in real-time by the current working population

dwt2
United Kingdom
Local time: 13:04
Meets criteria
Native speaker of: Native in EnglishEnglish
PRO pts in category: 16
Login to enter a peer comment (or grade)

20 mins   confidence: Answerer confidence 5/5 peer agreement (net): +2
the mechanism called PAYGO/Pay as you go (pension system)


Explanation:
https://en.wikipedia.org/wiki/PAYGO#Social_insurance

--------------------------------------------------
Note added at 21 mins (2016-02-08 15:59:51 GMT)
--------------------------------------------------

https://fr.wikipedia.org/wiki/Retraite_par_répartition

--------------------------------------------------
Note added at 28 mins (2016-02-08 16:07:00 GMT)
--------------------------------------------------

Defined benefit plans may be either funded or unfunded.

In an unfunded defined benefit pension, no assets are set aside and the benefits are paid for by the employer or other pension sponsor as and when they are paid. Pension arrangements provided by the state in most countries in the world are unfunded, with benefits paid directly from current workers' contributions and taxes. This method of financing is known as Pay-as-you-go (PAYGO or PAYG).[13] The social security systems of many European countries are unfunded,[14] having benefits paid directly out of current taxes and social security contributions, although several countries have hybrid systems which are partially funded. Spain set up the Social Security Reserve Fund and France set up the Pensions Reserve Fund; in Canada the wage-based retirement plan (CPP) is partially funded, with assets managed by the CPP Investment Board while the U.S. Social Security system is partially funded by investment in special U.S. Treasury Bonds.

In a funded plan, contributions from the employer, and sometimes also from plan members, are invested in a fund towards meeting the benefits. All plans must be funded in some way, even if they are pay-as-you-go, so this type of plan is more accurately known as pre-funded. The future returns on the investments, and the future benefits to be paid, are not known in advance, so there is no guarantee that a given level of contributions will be enough to meet the benefits. Typically, the contributions to be paid are regularly reviewed in a valuation of the plan's assets and liabilities, carried out by an actuary to ensure that the pension fund will meet future payment obligations. This means that in a defined benefit pension, investment risk and investment rewards are typically assumed by the sponsor/employer and not by the individual. If a plan is not well-funded, the plan sponsor may not have the financial resources to continue funding the plan. In many countries, such as the USA, the UK and Australia, most private defined benefit plans are funded[citation needed], because governments there provide tax incentives to funded plans (in Australia they are mandatory). In the United States, non-church-based private employers must pay an insurance-type premium to the Pension Benefit Guaranty Corporation (PBGC), a government agency whose role is to encourage the continuation and maintenance of voluntary private pension plans and provide timely and uninterrupted payment of pension benefits. When the PBGC steps in and takes over a pension plan, it provides payment for pension benefits up to certain maximum amounts, which are indexed for inflation.[1]


Francois Boye
United States
Local time: 08:04
Does not meet criteria
Specializes in field
Native speaker of: Native in FrenchFrench
PRO pts in category: 41
Grading comment
Selected automatically based on peer agreement.
Notes to answerer
Asker: Thank you for good reference info. I have just noticed that I have used "social security schemes" in my target suggestion, when I should have used "social protection schemes" because in UK "social" implies state benefits. In this case, are all your references still valid?

Asker: ...I meant "social security" implies a state benefit system....


Peer comments on this answer (and responses from the answerer)
agree  liz askew: NHS pensions - GOV.UK https://www.gov.uk/government/collections/nhs-pensions 3 Jan 2014 - The NHS Pension Scheme is a defined benefit public service pension scheme, which operates on a pay-as-you-go basis. A new reformed ...
39 mins
  -> Thanks, LIz!
agree  AllegroTrans
23 hrs
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