5 Questions
What is a pension?
A fund into which amounts are paid regularly during an individual's working career
What is a 'defined benefit plan' in relation to pensions?
Defined periodic payments made in retirement
How does a 'defined contribution plan' work for pensions?
Defined amounts paid in during working life
What distinguishes pensions from severance pay?
Pensions are usually paid in regular amounts for life after retirement
In what form are retirement pensions typically provided?
Guaranteed life annuity
Test your knowledge of pension plans with this quiz that covers the differences between defined benefit and defined contribution plans, as well as the key concepts related to retirement savings and income.
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