Editing Pension (section)

==Types==
===Employment-based pensions===
A retirement plan is an arrangement to provide people with an income during retirement when they are no longer earning a steady income from employment. Often retirement plans require both the employer and employee to contribute money to a fund during their employment in order to receive defined benefits upon retirement. It is a tax deferred savings vehicle that allows for the tax-free accumulation of a fund for later use as retirement income. Funding can be provided in other ways, such as from labor unions, government agencies, or self-funded schemes. Pension plans are therefore a form of "deferred compensation". A [[Small Self Administered Scheme|SSAS]] is a type of employment-based Pension in the UK. The [[401(k)]] is the iconic self-funded retirement plan that many Americans rely on for much of their retirement income; these sometimes include money from an employer, but are usually mostly or entirely funded by the individual using an elaborate scheme where money from the employee's paycheck is withheld, at their direction, to be contributed by their employer to the employee's plan. This money can be tax-deferred or not, depending on the exact nature of the plan.

====Military====
Some countries also grant pensions to military veterans. Military pensions are overseen by the government; an example of a standing agency is the [[United States Department of Veterans Affairs]]. ''[[Ad hoc]]'' committees may also be formed to investigate specific tasks, such as the U.S. [[Commission on Veterans' Pensions]] (commonly known as the "Bradley Commission") in 1955–56. Pensions may extend past the death of the veteran himself, continuing to be paid to the widow.

In the U.S., retired military receive a ''[[military retirement pay]]'', not called a "pension" as they can be recalled to active duty at any time. Military retirement pay is calculated on number of years on active duty, final pay grade and the retirement system in place when they entered service. Members awarded the [[Medal of Honor]] qualify for a separate stipend. Retirement pay for military members in the reserve and [[US National Guard]] is based on a point system.<ref>{{Cite web |title=Retired Pay |url=https://myarmybenefits.us.army.mil/Benefit-Library/Federal-Benefits/Retired-Pay |access-date=2022-06-26 |website=myarmybenefits.us.army.mil |language=en-us}}</ref>

==={{anchor|State pension}}<!-- [[State pension]] redirects here-->State pension===
Many countries have created schemas for their citizens and residents to provide income when they retire (or in some cases become disabled). Typically this requires payments throughout the citizen's working life in order to qualify for benefits later on. A basic state pension is a "contribution based" benefit, and depends on an individual's contribution history. For examples, see [[National Insurance]] in the UK, or [[Social Security (United States)|Social Security]] in the United States of America.

===Social pensions===
Social pensions are intended to prevent economic deprivation at old age. Over 80 countries have [[social pension]]s.<ref>{{cite web|url=http://www.pension-watch.net/country-fact-file/ |title=Country map|work=pension-watch.net}}</ref> Examples of universal pensions include [[New Zealand]] Superannuation<ref>{{cite web |url=http://www.workandincome.govt.nz/individuals/a-z-benefits/nz-superannuation.html|title=New Zealand Superannuation |work=workandincome.govt.nz}}</ref> and the Basic Retirement Pension of [[Mauritius]].<ref>{{cite SSRN|first=Larry|last=Willmore |title=Universal Pensions in Mauritius: Lessons for the Rest of Us |date=April 2003 |ssrn=398280}} United Nations DESA Discussion Paper No. 32. {{doi|10.2139/ssrn.398280}}.</ref> Most social pensions are [[means test]]ed, such as [[Supplemental Security Income]] in the United States of America or the "older person's grant" in [[South Africa]].<ref>{{cite web |title=Old age pension |publisher=GCIS |url=http://www.services.gov.za/services/content/Home/ServicesForPeople/Socialbenefits/oldagegrant/en_ZA |access-date=7 April 2013}}</ref>

===Disability pensions===
{{Main|Disability pension}}
Some pension plans will provide for members in the event they suffer a [[disability]]. This may take the form of early entry into a retirement plan for a disabled member below the normal retirement age.{{Citation needed|date=March 2024}}