Pension is an arrangement of providing people with an income when they
are no longer earning a regular income from employment. However,
pensions should not be confused with severance pay; the former is paid
in regular installments, while the latter is paid in one lump sum. The
terms „retirement plan‟ or „superannuation‟ refer to a pension granted
upon retirement. Retirement plans may be set up by employers,
insurance companies, the government or other institutions such as
employer associations or trade unions. Retirement pension is referred to
as retirement plans in the United States, as pension schemes in the
United Kingdom and Ireland but in Nigeria, it is popularly known to as
pension. Retirement pensions are typically in the form of a guaranteed
life annuity, thus insuring against the risk of longevity. In general,
the common use of the term pension is to describe the payments a person
receives upon retirement, usually under pre-determined legal and/or
contractual terms. A recipient of a retirement pension is known as a
pensioner or retiree. Pension fund is any plan, fund, or scheme which
provides retirement income.
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