Here in the States, we have pensions that are involuntary--(your employer contributes) which were common decades ago, but rare now--and voluntary pensions, in which you and possibly your employer contribute. You'll see a lot of terms for the different voluntary pension schemes... 401k, tIRA, TSP, ROTH, SEP. The government here in the States encourages the citizenry to invest in these schemes by promising a tax incentive for investing. In return, those of us contributing to such plans agree to not withdraw our money until we reach a specific age (usually 59-and-a-half), or until certain other terms are met. Each pension is a just a container, a bucket, and within are a variety of investment options, like straight cash, mutual funds, bonds, or individual stocks... etc. The type of bucket one uses is a really about the type of tax benefit one receives.
We also have Social Security, which is the government pension for nearly everyone. Businesses AND employees are taxed. The employee may then withdraw a government-calculated amount, starting at age 62, provided one worked enough in their lifetime to qualify.
If Ireland offers a monetary incentive for you contribute to a pension, you should carefully consider it. There are ways for the U.S. folks to get around the age requirement for withdrawal, so we can use our voluntary pension money for early retirement.
