A pension is a financial arrangement that provides an individual with a consistent income during the years of retirement. Pensions are sometimes referred to as superannuation or retirement plans. In the United Kingdom, they are often called pension schemes. In Australia, the term superannuation plans is typically used. There are several ways a person can establish a pension. Quite often, employers offer financial plans designed to provide employees with a pension upon retirement. Employees who don't have an employer-sponsored pension might ask themselves, "what about my pension." The answer is simple. There are several financial firms from which an individual can establish a personal pension. These plans sometimes boast higher fees than the employer-based plans. Employer-based plans are typically more fruitful because the company often adds to the plan along with the employee.