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A pension (/ ˈ p ɛ n ʃ ən /; from Latin pensiō 'payment') is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be: a "defined benefit plan", where defined periodic payments are made in retirement. The ...
A pension (UK: / ˈ p ɒ̃ s j ɒ̃ /, US: / p ɒ n ˈ s j oʊ n /; [1] French: [pɑ̃sjɔ̃] ⓘ) [2] is a type of guest house or boarding house. This term is typically used in Continental European countries, in areas of North Africa and the Middle East that formerly had large European expatriate populations, and in some parts of South America ...
A pensioner is a person who receives a pension, most commonly because of retirement from the workforce. [1] This is a term typically used in the United Kingdom (along with OAP, initialism of old-age pensioner), Ireland and Australia where someone of pensionable age may also be referred to as an 'old age pensioner'.
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A personal pension plan is a type of long-term savings scheme where individuals contribute funds that are invested to provide income upon retirement. Unlike workplace pensions, personal pensions ...
For example, you might choose to take 30 percent of your pension as a lump sum and convert the remainder to an annuity. This approach can provide flexibility while also ensuring a steady income ...
Retirement is the withdrawal from one's position or occupation or from one's active working life. [1] A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job for health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when ...
At the outset of the Civil War the General Law pension system was established by congress for both volunteer and conscripted soldiers fighting in the Union Army. [4] Payouts derived from this plan were based on degree of injury and subject to review by government boards. By 1890, general old-age pensions were incorporated for Union veterans. [5]