private pensions

Private pensions are retirement savings plans individuals establish independently from their employer or government. People contribute money regularly into these plans during their working years, which are then invested to grow over time. When they retire, they receive regular payments or a lump sum from these funds, providing additional income beyond state benefits. Private pensions offer a way to supplement retirement income, giving individuals more control over their financial security in later life. They can be personal savings accounts, individual pension policies, or investment plans designed to help people build wealth specifically for retirement.