Pensions products as offered by Clarkson include: 1. Provident Fund schemes These are arranged by an employer to provide for their employees a lump sum amount on their retirement. The employer may decide to contribute and exempt the employees from contributing, although in most schemes both the employer and employees contribute towards the fund. On retirement a lump sum amount is paid to the retiring member. 2. Pension Schemes These are schemes that provide a retiring member with a regular pension, unlike the provident fund schemes which pay out a lump sum payment. A retiring member is allowed under the law to withdraw up to 1/3rd of the accumulated amount as a lump sum, and the balance utilized to buy a pension. 3. Annuities An individual may wish to utilize a lump sum amount to purchase an annuity. This is a regular payment made to a retired member. An annuity may be funded from the proceeds of a provident scheme. The annuity ensures that the recipient continues receiving the regular payment for a longer duration. 4. Individual Pensions Individual pensions arrangement are available for self employed people who may not be members of an occupational scheme.