0
It means some of your money is being saved in a fund/account that is or will be used to pay you money (on a monthly basis) after you retire and stop working (at age 60 or 65).
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What are pension plans?
Pension plans are a type of retirement plan in which the employee and employer make contributions. These contributions are invested and to be received upon retirement. In most all cases pension plans are tax exempt. The two types of pension plans are defined benefit plans and defined contribution plans. A defined benefit plan guarantees an amount upon retirement no matter how the investment performed. A defined contribution plan is not a guaranteed amount and heavily depends on the investment performance.
What difference does interest rates being variable rather than fixed make to pension plans housing loans and other personal finances?
what difference does interest rates being variable rather then fixed have on pension plans or home loans
What percentage of individual Americans invest in stocks and shares?
How many DIRECTLY invest in the stock market? About 10-15% of Americans have brokerage accounts and have invested money. Indirectly? Over half of all employees have invested at least a little bit of money in retirement savings plans such as IRAs, 401K plans, mutual funds and other pension funds.
Is 401k considered a pension plan?
I don't mean to be snide...but it depends on whose asking! Honestly, different places define things differently. In some general speak it is a pension plan...but in many others, it is a retirement plan as differentiated from a pension plan.
A regular payment made to person after he or she retires?
pension
Which term describes money collected and invested for the benefit of worker retirement plans?
pension funds
What is stored pension?
Stored pension refers to the retirement benefits that an employee has accumulated over time in a pension fund or retirement savings account. These funds are set aside and invested to provide a financial cushion for when the employee retires.
What does Sipps have to do with pensions?
Sipps is an acronym for self-invested personal pension. It is a government approved personal pension plan in the UK. It allows individuals to have complete freedom with their investment plans and options.
What is pension contributes?
Pension contributions are regular payments made by an employee and/or employer into a pension fund to provide income after retirement. These contributions are invested over time to build a retirement nest egg for the employee. The amount contributed and the investment performance will determine the eventual pension benefits received.
How can I find out if my decreased husband had a pension invested in GE?
Contact GE and ask. I assume GE stands for General Electric?
What does lifetime pension mean?
pension is a thing you get from retierment for work,and more.You will be guarrteed to have pension when your 65 years old
How does SIPP scheme work in the UK?
Self-Invested Personal Pension, or SIPP, is personal pension plan approved by the UK government. It allows people to control the money going into their pension fund and make their own investment decisions with that money, provided that they perform only the types of investments approved by HM Revenue and Customs (HMRC).
Does hillary Clinton get a pension from being a senator?
Of course
What does 'retzef kitzba' mean?
continuous (or regular) pension
Did you hear about the guy who invested in feather?
What does the joke mean???
What happened to Great Western Employee Pension?
Great Western Employee Pension was acquired by the Canada Pension Plan Investment Board in 2018. The pension fund merged into the larger organization, resulting in the assets and management of both funds being combined.
What you mean by FSP?
One defintion is Foreign Service Pension.
