Based on how things work in my state here, pensions are paid by the government while you get to save your salary by your self or Join some cooperative society.
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Both of the funds are run through bank accounts. The saving fund is the money accrued in a savings account as a result of the owner keeping it for future use while pension fund is the money automatically deposited into the pension account for the purpose of retirement. The kind of money the owner doe not have access to it until after the retirement period.A pension fund is an account where the government will use to pay pension into immediately you enter civil service and this is where they will be debiting your pension from immediately you retire from government civil service but for savings account this is an account you open yourself with a commercial Bank for savings only with little interest
there are slight difference between pension and savings fund pension is being paid by the government why saving fund can be your personal saving for the future.As you have mentioned a savings account is just storing your money in the bank that you earn a minimal interest every month. A pension fund is like an insurance that you deposit your money in the form of monthly premium. The money collected by the insurance company is invested in high yield financial programs. On the start of your pension after many years of building up your pension plan you are given the monthly or the lump sum. It is the total amount that you have deposited plus the substantial profit of your money based on their investment scheme.
Pension is a portion or certain percentage of someone's income set aside for the purpose of retirement. The owner doe not have access to such money until the time of retirement. Saving fund is the amount of money kept from someone's income for future expensesPensions tend to be for a longer period of time than savings or investment plans. Generally, the earliest you can take benefits from a personal pension is aged 60. Therefore, they are usually unsuitable as shorter term savings plans
One big difference between a pension and a saving fund is a pension is received every month why saving fund can be withdrawn at once anytime you need it.I think they are both similar however I think what differentiates them is the purpose for which the funds is intended for. Essentially savings can also be a pension fund as well.
Like you just said they ( pension fund and saving fund) looks similar but they are actually bith dufferent things, pension fund is generated by the government or your company for you in order to secure your future when you retired while saving fund isnthe money you actually saved yourself.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.
I agree pension funds get paid once a month, why you have access to your savings fund, however, you can some restrictions on your savings account that doesn't allow you to withdraw anytime.One big difference between a pension and a saving fund is a pension is received every month why saving fund can be withdrawn at once anytime you need it.