Pension; both public or private pension as the name suggests is a procedure that ensures a person on active payroll is assured an income after the person reaches retirement.

Retirement plans or superannuation is usually referred the pension which is granted on retirement. the retirement plan can be run by the the government, the employers, insurance companies, or other institutions like the trade unions or employee unions. The pension premium is paid in lump-sum and after a period of time it matures and gives a regular sum of money which is known as pension.

The private pension is the pension which is being given to the retired people by private company once the person takes retirement from the place where he is working.

Pension is the amount which is given to a person after attaining a particular age and retires from his job. Pension is the amount determined for the person to be given to him as a whole or in particular instalments so that he can have a happy old age with sufficient money to fulfill the basic requirements. The pension is either given to a person by the government when the person has worked for the government or he is too poor and insufficient to manage the old age. The person can get pension from the place where he used to work.