What is a pension and what are its benefits

[Samuel72]

According to my own point of view I believe pension to be a certain amount being given to workers after retirement, and also pension is 50% of your former salary. There are many benefits of pension, one of the benefit of pension is you saving for the future in order for you to be able to take good care of family when you're no longer working and also it will keep you going in your old age. you can also use your pension fund to invest in any business of your choice when you are old

 

[sincerem]

Pension is the benefits that comes from the stewardship of being a civil servant. The benefit is lasting one, unending it stays on until the pensioner is found non more. Such Lind of benefit is what people crave for, unending benefits that will enable you earn during your old age and take care of your body, and pay up your bills.

 

[Alexandoy]

When I was new in the work force it was emphasized by the HR officer of our company that pension is important so as much as possible we have to invest in our jobs by trying to have a good career. The pension will come at a later age of 60 or 65 but you need to have the mind for that. It was a good advice because right now I am savoring the fruits of my labor with my monthly pension.

 

[Chommyluv]

Pension is a fund into which a sum of money is added during a workers employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. Some the benefits of pension is to have something to fall back on when you retire and also you can use the money to establish your own business and fend for yourself.

When are employees retires after serving diligently under an establishment government owned precisely and some private establishment for the minimum of 35 active years in service (in case of Nigeria). When he/ she retires they will be paid an annuity and it often calculated as pension which its used to compensate them for their efficiency and diligence while working for them.

 

[Adetayo100]

Pension is a fund into which a sum of money is added during a workers employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. Some the benefits of pension is to have something to fall back on when you retire and also you can use the money to establish your own business and fend for yourself.

 

[Lekhraj19]

I think pension isn't fine for a nation of not given wisely. Because, what I have seen is people who enjoy money pension money are those who often have their children unemployed. And, in India this happens a lt where the person getting pension is huge and the whole family likes to enjoy that money and.rather be unemployed.

 

[springtech]

As the vast majority of us know, the Pension is a mandatory savings plan that you build throughout your working life, either as an independent worker or as a dependent, that is, an employee. This saving will allow you to receive a monthly payment and health coverage for the rest of your life.
Who is entitled to the pension?
The father and mother of the deceased insured or pensioner, as long as he / she does not have a spouse, children or common-law wife or partner entitled to a pension.

Benefits of saving on pension:

-The contributions that the employer makes on your behalf or those that you make directly as an affiliate in a pension fund, in the case of independent workers, go to your Individual Savings Account. This means that this account is yours alone, and the resources that are invested in it will be for you when you meet the pension requirements.
-Your account grows periodically thanks to the contributions that your employer makes or those that you make.
-In case of death, if you do not have beneficiaries, the deposited resources will be inheritable, according to the conditions of the law. This means that your savings will never be lost.
-Your account provides you with a Funeral Assistance, of course, after fulfilling the requirements of the law.

Pension just as you have rightly mentioned is that part of your salary you set aside monthly via contributions.
The Nigerian labour law has a provision that makes it criminal for a company not to make provision for this savings.
Pension is designed in such a way that it is contributory, that is, it is jointly contributed by both the employee and the employer alike.
You make this contribution monthly while still in employment and it is a given percentage of your salary.

The contribution is deducted from source and paid to your PFA( pension funds administrator). However this money is not accessible by you until you attain the compulsory retirement age or have spent 35 years in service.

 

[Tinaconcept]

Pension is money paid to a person who has retired from service, this benefit could be given in parts maybe monthly or paid once as a lump sum, one of the benefits of pension is that its a means of survival for the pension receiver since he or she is no longer working, it can also be used to acquire property as a lump sum

 

[olubenson]

Have you ever wondered why some old people are always happy and full of life even @80 years of age? The reason is simple, they have already secured their future through the pension saving scheme which is mandatory for almost all government workers and some corporate individuals. It is always a very good thing not to eat all as you are getting it. This is one of the reasons most governments have made it mandatory for private employees to start investing in pension schemes.

 

[Godslamp]

Pensions are paid as an annuity, meaning over a regular, fixed period, to retired employees of an organization as compensation for past employment with that organization.when people come to retire they will experience a reduction in income . a pension makes up for some of this loss of income in retirement. pension can provide protection in the form of lump sums and pensions to dependants in the event of a member's death.

 

[Moni2402]

As the vast majority of us know, the Pension is a mandatory savings plan that you build throughout your working life, either as an independent worker or as a dependent, that is, an employee. This saving will allow you to receive a monthly payment and health coverage for the rest of your life.
Who is entitled to the pension?
The father and mother of the deceased insured or pensioner, as long as he / she does not have a spouse, children or common-law wife or partner entitled to a pension.

Benefits of saving on pension:

-The contributions that the employer makes on your behalf or those that you make directly as an affiliate in a pension fund, in the case of independent workers, go to your Individual Savings Account. This means that this account is yours alone, and the resources that are invested in it will be for you when you meet the pension requirements.
-Your account grows periodically thanks to the contributions that your employer makes or those that you make.
-In case of death, if you do not have beneficiaries, the deposited resources will be inheritable, according to the conditions of the law. This means that your savings will never be lost.
-Your account provides you with a Funeral Assistance, of course, after fulfilling the requirements of the law.

 

[Makah]

To me Pension Is a percentage of your earnings that is kept by the employer or government till the retirement age or section is achieved
So it's a good one and commendable one
So when we get our pension we should try and invest It in something profitable and with high Productivity
Pensions are very welcome and explicit

 

[Kingsley]

A pension is a percentage of a worker's salary that is kept aside by the government to be given the worker at a retirement stage or age. But the truth is that quite unfortunately most of us don't understand what a pension is because our government or system has failed in that regards to pay the retiree their right.

 

[Olajidey]

Pension is a particular percentage of money that you keep for yourself till you retiree, reason is because there will be a time that you will not be able to work and you still need to eat and se money for somethings or the other it is the money you keep during this time you fall back on to spend.

 

[Briangsam]

Pension is lump sum of money that is kept aside or saved for you throughout your service year in a public sector or a private sector. It is important however to note that pension is earned for life. In my country, in civil service, 35 years is the maximum of years you can use in civ service. So pension is paid to you from your accrued money over the years monthly. It is important in order to avoid starvation and poor living after retirement.

 

[Mataracy]

Pension means the benefit receive after serving government for some certain years for example in my country Nigeria its 35years in service or at the age of 60yesr and 65 .
The benefit receive is call is call pension and the person will receive gratuity. After been server if luckily process it and get it on time one can use the money to invest or doing one thing or the other

 

[Georgeadawara]

Pension is a percentage of money that will be saving for you out of your monthly salary or you can be saving a specific amount of money for you pension. The world pension it is of great benefits, by the time that you have retired from your job and you have no more strength to start or do another work it is that your pension savings that will be helping you to provide food on your table. So it good an of great benefits for someone to have a pension savings.

 

[IamDozzy]

Pension is the money kept aside by an employee and his place of employment for the use of the employee during retirement. There are numerous benefits of a pension but I am going to be concise. Pension assists the retiree to go about daily activities as regards finance. The retiree wouldn't have to be dependent on the government or his/her family for basic needs like food, clothing and Shelter. This is the ultimate benefit of a pension.

 

[Chibson]

As you have said when someone is working the government will actually be deducting some percentage from his salary to save for him so that when he retires, it will be paid to him. Pensions are very important to because some workers do not actually save enough money during their working years.