Group Pensions

A pension is a contract for a fixed sum to be paid regularly to a person, typically following retirement from service.Pensions should not be confused with severance pay; the former is paid in regular instalments, while the latter is paid in one lump sum.

The terms retirement plan and superannuation refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government or other institutions such as employer associations or trade unions.