Do you know what pensions are? These are benefits for the retired individuals. These are given either to those who have been granted by their employer pension benefits or those who have paid into a pension plan. These can also be funded by the government or unions, not just by the employee or the employer.
Although it might look like some of Social Security programs, there are no Social Security programs that are managed in a way similar to a pension plan. To easily differentiate the two, it is a government program against a privately funded plan.
When you, as an employee or self-employed individual, pay regularly to a pension provider, usually monthly, that plan is called a personal pension. Banks, insurance companies are just some of the organizations that typically fund these plans.
It is commonly paid by you, but it can also be paid by other people on your behalf. Other people like your spouse or other family members can of course help you save for your retirement.
And good thing about these one is that it has a flexible type of plan, known as the stakeholder pension. It is for those who have modest amount of earnings, people that might stop or vary the amount of their payments.