What is the difference between the Pension Plan and Annuity Plan? How they benefit?
What is the difference between the Pension Plan and Annuity Plan? How they benefit?
The pension plans and annuity plans are both different. To differentiate these, the pension plans are those which collect the funds from the investors and make them as property and by investing this total amount, in the annuity plans we can get the pension as we like. There is a facility to choose the type of pension we prefer before investing the amount in the annuity plans, that means, to get the pension every month or for every three or six months or every year. The investor can even choose the option whether to transfer the pension to his family members after his/her death under the scheme of the annuity plan. The total amount of pension we get is depended on these statements and almost all the insurance companies are offering these services for the benefit of the investors.
What ever the pension plan may be, one can choose the insurance company during the time of getting the annuity. These annuity plans do the investments without any risk factor so that gives the pension every month and there is even the tax exemption for these kinds of investments and annuities. One can get the pension just by investing in the annuity plan though did not invest in the pension plan. The age limit to join in some of the annuity plans is 45 years and for some of them is in between 50-55 years and all these annuity plans are been under taken by the Insurance Regulatory and Development Authority (IRDA).
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Themocracy
This guy is completely confused and tries to confuse others as well. can you please ask him to go through the crap that he has written
I agree with the previous comment.
This guy seems to have crapped here.
Not knowing something is not a fault but teaching others with false knowledge is a big fault/mistake/crime. People who write on these blogs should kindly understand this.
To my knowledge the difference that i understand is
Pension is a one time lumpsum that you get during retirement.
The lumpsum is partially used to buy an annuity which is a financial prodct that pays the annuitant regular income until death.
In UK there is a rule that part of the pension lumpsum should be used to buy annuity at the time of retierement.