What Is A Pension?

A pension is a retirement plan that provides workers with a steady income after they stop working. Pensions are often negotiated through collective agreements or offered by employers to ensure financial security in retirement. They can come in different forms, such as defined benefit plans, where retirees receive a guaranteed amount based on their salary and years of service, or defined contribution plans, where the final amount depends on contributions and investment performance. Pensions are an important part of overall compensation, helping workers plan for the future and maintain a stable standard of living after their career ends. You can download these pictures from our Educational Series and share them on your social media to help spread awareness and encourage others to learn more.