Pension schemes

Pension schemes are retirement plans where employees and/or employers contribute money during working years to build a fund. This fund grows over time and is used to provide income after retirement. Think of it as a long-term saving plan specifically for when you stop working, ensuring financial security later in life. Contributions may be made regularly, often with some benefits or contributions from the employer, and the accumulated amount is paid out as a pension, either as a lump sum or regular payments. The goal is to help individuals maintain their standard of living after they retire.