ension

A pension is a retirement savings plan provided by an employer or funded by personal contributions, designed to generate income for individuals after they stop working. Throughout their career, individuals or their employers contribute money into the pension fund. Over time, these contributions grow through investments. Upon retirement, the accumulated fund is used to provide regular payments, ensuring financial stability in later years. Pensions are a way to support long-term financial security, helping retirees cover living expenses when they are no longer earning a regular salary.