How are state pensions managed, particularly those payable by the State or out of the Consolidated Fund of the State?
State pensions are managed by the state government, which is responsible for determining the amount of pension and ensuring its payment. The funds for these pensions come from the Consolidated Fund of the State, which is a pooled account that includes all revenues collected by the state government. The management of state pensions may involve setting up a dedicated department or agency to oversee the distribution of benefits, as well as implementing policies and procedures related to eligibility, application processes, and verification of claims. In some cases, there may also be involvement from other entities such as pension funds or investment firms that help manage the financial aspects of the pensions program. Ultimately, the state government is responsible for ensuring that state pensions are paid out in a timely and accurate manner to eligible individuals.