§ 31473 Retirement Allowance Definition

• •Retirement allowance is the money you get when you retire.
• •It has two parts: a pension and an annuity.
• •Both parts together make up your retirement money.

When you stop working after many years, you get money every month to live on.

This money is called a retirement allowance. It includes a pension (money from your job) and an annuity (money you saved or invested).