I have a 2% pension. So, every year I work at this company, they add an additional 2%. When I retire, I will get paid that percentage of my salary for the rest of my life. It will be based on what my salary is at the time I retire. So, if I work there for ten years, for example, I’d continue getting paid 20% of whatever my final salary is after I retire.
Can someone explain me how pensions work? Isn’t that some sort of 401k that is tied to the company and you lose access to when you switch companies?
I have a 2% pension. So, every year I work at this company, they add an additional 2%. When I retire, I will get paid that percentage of my salary for the rest of my life. It will be based on what my salary is at the time I retire. So, if I work there for ten years, for example, I’d continue getting paid 20% of whatever my final salary is after I retire.