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Different Types of Pension Plans - Prerna Chatterjee

Majorly there are 2 categories of Pension Plan. The are 

1. Immediate Annuity: An immediate annuity is an insurance product that gives the purchaser an ensured stream of income in return for a lump sum of money. Immediate annuities have a few favorable circumstances, for example, long-term stability, tax-deferred income, and monthly income payments for the rest of your life.

2. Deferred Annuity: A deferred member is one that has quit paying into the scheme yet isn't yet receiving a pension. ... As a deferred member, you will get an Annual Benefit Statement which demonstrates the advantages you have accrued and any pensions increment that has been connected and the amount they will be worth on retirement.

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