ELI5: Explain Like I'm 5

Pension model

Pension models are all about saving money for when you get older, like a savings account that you can use when you're older and not able to work. They're a way to make sure you still have money to live on and do things you want when you get older. To have a pension model, you decide how much money you want to save for when you're older. Then the government takes this money and invests it so it can grow and make more money. When you're old, you can use this money to buy things like food or clothes, and it will help you to stay comfortable even when you're not able to work.