pensions

Pensions are retirement plans that provide a steady income after you stop working. Typically, they are funded during your working years through contributions from either your employer, yourself, or both. These contributions are invested, and the accumulated funds are paid out over your retirement, offering financial security. Pensions help ensure you have income to cover living expenses when you’re no longer earning a salary. They are important components of retirement planning and vary based on the type of pension scheme, such as defined benefit or defined contribution plans.