a.This is known as the first pillar of social security and consists of pensions that are provided by the state.
b.These are publicly managed with mandatory membership and are typically funded on a "Pay As You Go)(PAYG) Basis
2.Occupational Pensions
This is the second pillar of post-retirement provision. Occupational pensions have been set up by employers for their employees, with contributions from both employers and employees. They are normally sponsored and form part of the employees benefit package
3.Personal Pensions
A personal pension is typically offered and purchased in the form of an annuity contract between the insurance company or other pension provider and an annuitant
Commutation of Pension
1/3rd of the accumulated value can be withdrawn at the time of retirement and is tax-free
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