Pension plan refer to a said pension that is granted upon the retirement of a certain individual. As you have noticed, maybe from your grandfather/ grandmother that, they are always receiving money from their pension plan, and this is because of the plan that is intended for them. Other than that, these plans might also be set up by the employers or the insurance companies as well as the governments or any other institutions such as the employer association or the trade unions. Other than that, we all know that this kind of work will definitely require a lot of money that is why Pension Plan Audit must be conducted annually.