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Trust-Based vs Contract-Based

B

barney

Member
Hello!

Can someone please clarify for me what is the difference between a trust-based arrangement and a contract-based arrangement?

I am familiar with trust-based arrangements from work....there is a trust property i.e. the pension fund and the trustees have control of the funds on behalf of the beneficiaries....

What then is contract-based? Is this when you go to an insurance company and take out, say, a personal pension?

Thanks!
 
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