What does occupational annuity mean?

An occupational annuity is a type of retirement income provided to employees by their employer. It is a form of annuity that is funded by the employer and is designed to provide a steady stream of income to the employee during retirement. The terms and conditions of occupational annuities are typically outlined in the employee's pension plan, and the amount of the annuity payments is usually based on factors such as the employee's salary, years of service, and age at retirement. Occupational annuities can provide a valuable source of retirement income for employees, helping to ensure financial security in their later years.