"A pension (/ˈpɛnʃən/, from Latin pensiō, "payment") is a fund into which a sum of money is added during an employee´s employment years and from which payments are drawn to support the person´s retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement." - (en.wikipedia.org 09.04.2022)
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