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Rating:A pension is a fixed sum paid regularly to a person, typically, given following a retirement from service. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum. The terms retirement plan or superannuation refer to a pension granted upon retirement. Retirement plans may be set up by employers, insurance companies, the government or other institutions such as employer associations or trade unions.
read moreA pension is a type of guest house or boarding house. This term is typically used in Continental European countries, in areas of North Africa and the Middle East that formerly had large European expatriate populations, and in some parts of South America such as Brazil and Paraguay. Pensions can also be found in South Korea and Japan. In contrast to bed and breakfasts, pensions typically do not only offer breakfast, but also lunch, dinner and sometimes even tea. Rather than paying for the room and each meal separately, guests select a plan which either comprises overnight accommodation, breakfast, lunch and dinner or the preceding minus the lunch. These small businesses may offer special rates for travellers staying longer than a week.
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