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The common use of the term pension is to describe the
payments a person receives upon retirement. A Pension is a steady
income given to a person, usually after retirement. Pensions are typically
payments made in the form of a guaranteed annuity to a retired employee. In
certain cases some retirement plan designs accumulate a cash balance that a
retiree can draw upon at retirement. A pension created by an employer
for the benefit of an employee is referred to as an occupational pension or
employer pension.
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