What Is Pension And Annuities?

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   The difference between a pension and an annuity: a pension is generally a defined benefit retirement plan and an annuity is an insurance product. It is conceivable that an annuity product could be the funding vehicle for a pension plan. Distinguishing between a plan and a product can help you categorize your understanding of financial terms.

   Answered on September 5, 2013

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