What is the difference between a pension and savings fund?

[Robrown83]

The different between pension and savings. The two worfds want to be interwoven. Pension is the money that you are setting aside for retirement while savings is the one set aside for the all the little expenses or for doing business.

 

[Mariyam]

These are looking very similar but there are different things, pension is given by a particular company or department where you have served many years of your life while saving your own funds depend upon you, you can save only for few months or for whole of your life from your own earnings.

A pension plan is a retirement plan run by an employer. Pension funds operate much like annuities. Provident funds operate more like 401(k) or savings accounts. Where as saving is leaving your assit for future use and to purchase Sometimes in future

 

[Usama Iqbal]

There is a big difference between pension and funds. Pension is the amount that we get after retirement . In the start of the month government give pension to his workers after retirement. But the funds are the money that we have save our own business . From saving money we can also investment in any business.

 

[Malikshah53]

As a general rule of thumb, you typically want to do the exact opposite of what everyone else is doing. If your friends are talking about selling bonds and putting all that money in the stock market, it might be a good time to sell some stocks and buy bonds. When everyone is getting in, you should be getting out!

 

[Umerfarooq]

Pensions last longer than savings or investment plans. Generally, you can avail your personal pension as soon as possible at the age of 60. Therefore, they are generally not suitable as short-term savings plans

 

[Halexcity]

Savings and pension are different two things. Savings is the act of saving your monthly or daily income for a particular project or future purpose. While pension is the money paid at the end of service year. The money is called gratitude.

 

[Erik4150]

Pension fund might seem similar to a savings account. But they are two different things because while your pension fund is handled by an organization or the government, the savings account is personal and is handled by you alone. You can save any amount of money monthly there and withdraw anytime you want. You cannot do the same with pension.

 

[Victor72]

Pension fund is a money being given to you after your retirement and a pension fund is 50% of your salary it will be given to you till death, why saving fund is a money being removed from your salary which will be given to you after retirement

 

[Sania]

When you're first getting serious about starting a business, the first thing you should do is write a business plan. Business plans serve several key functions that make them indispensable for successfully launching a new company. Not only do they serve as a roadmap to guide you in the early days of your business, but they also serve as an opportunity to research market conditions, competitors and potential pitfalls you might not be aware of.

 

[Mostee501]

The difference between a pension and savings fund is that,pension funds has to do with a certain percentage of money paid to you
according to how the pension scheme is arranged after your retirement,while savings fund has to do with your stored financial income.

 

[Dylinks]

Pension is a contributory fund by employee & employer in an organization monthly accessible after retirement while saving fund is a personal decision to keep money with financial institution and can done willingly either daily, fortnightly etc.

 

[Pauljonnes1000]

Pension scheme is a scheme whereby the employer help in keeping some little portion of the salary for the employee for him to be able to use after retirement. While saving account is an account you can save your money by yourself and can be accessed anytime, anywhere.

 

[GoldenLady]

When you create a pension fund this is essentially money that will be put away and be paid out to you upon your retirement in order to fund your lifestyle at that time. It ensures that you have enough money even after you retire to continue to meet your financial needs. However, this sounds very similar to a savings account that you have had for a long term in my opinion. In a savings account you can put or deposit a certain portion of your funds monthly and save them for later on, when you so need them, or at your retirement.

What are the differences between a pension fund and a savings account, because they seem to serve the same purpose and have the same mechanisms driving it.

Your pension fund account savings is for your retirement. This is separate from your main savings and the money there must not be touched till you retire.

Savings account is usually just for short to medium term savings, like six months to a few years.

 

[Nomad]

Generally speaking pension is the allowances you receive from your employer after you retire, where as saving is your voluntary saving. People who do not have jobs will not have a pension, however, some people make pension savings to compensate the loss.

 

[Spicywilfred]

The difference between pension and a saving fund is that pension is paid after retirement, while saving fund had to do with storing money for future use.

 

[Ehizzy1]

The saving funds is quite different from pension funds , because on saving funds there is possibility of you gaining more interest saving your money

 

[Abbeyola]

When you create a pension fund this is essentially money that will be put away and be paid out to you upon your retirement in order to fund your lifestyle at that time. It ensures that you have enough money even after you retire to continue to meet your financial needs. However, this sounds very similar to a savings account that you have had for a long term in my opinion. In a savings account you can put or deposit a certain portion of your funds monthly and save them for later on, when you so need them, or at your retirement.

What are the differences between a pension fund and a savings account, because they seem to serve the same purpose and have the same mechanisms driving it.

The difference between pension funds and savings, is that you don't have access to your pension until after retirement, while saving is otherwise.

 

[Doradorwa]

A savings account and pension fund are not the same. Saving account is for saving money you don't need and that can be gotten back at anytime but pension fund is for your retirement which you much have include the date when you are registering for it.

 

[Ehizzy1]

A savings account and pension fund are not the same. Saving account is for saving money you don't need and that can be gotten back at anytime but pension fund is for your retirement which you much have include the date when you are registering for it.

Yeah this is true , there aee still possibility of getting your pension back ,,only that it happens in some cases where someone is owed

 

[Kelly5]

Pension fund is a type of savings for a long term. While savings is not. It's just for a short period of time for quick use and spending