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Tanisha's company provides her with a life insurance policy free of charge. Her company deposits money for her in a separate account, and when she retires, she can either withdraw the total amount in one lump sum or receive monthly cash payments for the rest of her life. This scenario describes a

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The account that her company deposits periodic money into, to allow her withdraw when she retires is known as Pension account.

Pension refers to an employee's retirement fund which are contributed by employer, employee or both.

  • Pension allows the retired employees to enjoy her retirement period by allowing her to withdraw either in lump sum or monthly cash payments for the rest of her life

Hence, the account that her company deposits periodic money into, to allow her withdraw when she retires is known as Pension account.

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