Definition: An annuity paid regularly as benefit due to a retired employee, serviceman etc. in consideration of past services, originally and chiefly by a government but also by various private pension schemes.

Alright class, settle down, let’s dive in today, To understand a word that's come your way! We’re talking about “pensions,” a term you see, Let’s break it down for clarity and glee. The dictionary tells us, clear and bright, It’s an "annuity," a regular sight! Think of it like this: when someone retires, Their work is finished, no longer requires A daily grind, a hustle, or a plea, But they need some income – that's where pensions decree! They get payments regularly, you see, As thanks for all the service, faithfully. "Retired employee," serviceman too, Receiving benefits, honest and true. Originally from governments grand, Providing support throughout the land. But “private pension schemes” join in the fun, For companies offering, 'til day is done! So, a pension's a reward, a grateful sign, For all the work that someone’s been inclined To do with dedication and skill, A comfortable future – fulfilling still! Do you have any questions? Don’t be shy, Let’s discuss this concept beneath the sky!