Pension rights refer to the entitlements an individual has in relation to their pension plan. These rights can include the right to receive a certain amount of pension benefits upon retirement, the right to make contributions to the plan, and the right to choose investment options within the plan.

Some key terms related to pension rights include vesting, which refers to the amount of time an individual must work in order to become entitled to their pension benefits, and distribution options, which are the ways in which a pension plan participant can receive their benefits, such as a lump sum payment or periodic payments.

There are several types of pension plans, including defined benefit plans, which provide a specific benefit amount upon retirement based on factors such as salary and years of service, and defined contribution plans, where the benefit amount is based on the contributions made to the plan and the investment performance of those contributions.

Pension rights play a crucial role in retirement planning as they can provide a source of income during retirement. Understanding one’s pension rights can help individuals make informed decisions about their retirement savings and investment strategies, ensuring financial security in their later years.