A pension is a retirement plan that provides income to an employee or their spouse after retirement. Payments are typically made monthly and are based on the employee's salary and years of service with the employer.
Pensions are typically funded by both employee and employer and contributions are made over the course of the employee's career. The contributions are invested to generate returns, which are used to fund the future pension payments.
The specific benefits and eligibility criteria for survivor benefits will depend on the terms of the pension plan.