Explain the Three Main Factors That Will Determine the Accumulated

question 39

Essay

Explain the three main factors that will determine the accumulated sum at retirement in an accumulation scheme.

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Definitions:

Doctrine of Precedent

A legal principle whereby previous judicial decisions influence or control the ruling on similar future cases.

Substantive Law

The set of laws that governs the rights and duties of people within society, as opposed to procedural law which dictates how those rights and duties are enforced.

Principles of Equity

The set of legal principles that guide courts in deciding cases fairly when common law principles are insufficient or inadequate.

Public Administrative Law

The body of law that governs the activities of administrative agencies of the government, including rule making, enforcement, and adjudication.