What Is a Pension? Types of Plans …
https://www.investopedia.com/terms/p/pensionplan.asp
A pension plan is a retirement plan that requires an employer to contribute to a pool of funds set aside for a worker's future benefit. A defined benefit plan guarantees a set monthly payment for life or a lump sum payment at retirement. A defined contribution plan creates an investment account that grows throughout the employee's working years. A pension pot is a pot of cash that you, and your employer, can pay into – and which you get tax relief on – as a way of saving up for your retirement. At retirement, you can draw money from your pension pot or exchange the cash with an insurance company for a regular income until death, called an annuity.
A pension plan is a retirement plan that requires an employer to contribute to a pool of funds set aside for a worker's future benefit.
A defined benefit plan guarantees a set monthly payment for life or a lump sum payment at retirement.
A defined contribution plan creates an investment account that grows throughout the employee's working years.
A pension pot is a pot of cash that you, and your employer, can pay into – and which you get tax relief on – as a way of saving up for your retirement.
At retirement, you can draw money from your pension pot or exchange the cash with an insurance company for a regular income until death, called an annuity.
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