Many retirees have invested in several types of pension funds during their working years and how they're handled will greatly affect them in their retirement years. State pension holders will want to know what their entitlements and benefits are. One can then determine how much he/she needs to produce from various occupational and personal arrangements, how much cash is needed to be saved, and which spouse should hold most of the savings. One may either take the pension at retirement or defer it for one year or more. Deferring the pension increases the amount the retiree will earn and will give him/her the option of taking it in a lump sum payment or collecting weekly payments at its regular rate for the rest of the holder's life.