Pension Plans

Pension Plans

What are Pension Plans?

Pension plans, also known as retirement plans, are financial products designed to help individuals accumulate savings during their working years to ensure a steady income after retirement. These plans involve regular contributions over time, which grow through interest or investment returns, and are paid out as a lump sum or regular income (pension) after retirement.

Pension plans aim to provide financial independence and stability in old age by covering day-to-day expenses when regular employment income stops. They can be offered by insurance companies, employers, or government schemes and often include options for annuities, life cover, and tax benefits.

In short, pension plans help you plan today for a financially secure tomorrow.