Pension can come from the government or it can include a plan established and maintained by a union, group of employers, an employer, or any combination. This is mainly to provide for the payment of definitely determinable benefits to participants after retirement.

A plan can be an Employee Share Option Plan (ESOP), or a plan that is paid into by the employees and employer which accumulates wealth to be paid out to the employee on his/her retirement.

A pension plan is an excellent benefit and to be considered carefully when seeking new employment. Without this type of plan then your last pay cheque is just that. Your options for further income are up to you to earn or the government has some minimal type of income payments.


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