A retirement pension is a form of income that is paid to an individual after they have retired from work. This income is typically paid out on a regular basis and is meant to replace the income that the individual would have received from working.

There are several different types of retirement pensions, including:

• Defined benefit pensions
• Defined contribution pensions
• State pensions
• Personal pensions
• Workplace pensions

A defined benefit pension is a type of pension plan in which the retirement income is based on a formula that takes into account an individual’s salary and years of service. This formula is typically set by the employer and guarantees a certain amount of income in retirement.

A defined contribution pension is a type of retirement plan in which the individual and/or their employer contribute a set amount of money to the plan. The amount of retirement income that the individual receives is based on the performance of the investments within the plan.

A state pension is a retirement benefit that is provided by the government. The amount of the pension is based on an individual’s contributions to the state pension system and their years of service.

A personal pension is a retirement plan that is set up by an individual. The individual contributes money to the plan and the amount of retirement income that they receive is based on the performance of the investments within the plan.

A workplace pension is a retirement plan that is set up by an employer. The employer and/or the employee contribute money to the plan and the amount of retirement income that the employee receives is based on the performance of the investments within the plan.