Most countries have state schemes as well as private schemes.
Occupational pension schemes may also be self-administered , i.e. managed by the employer. Pension schemes may also be unfunded , as in the UK National Insurance scheme and most other state schemes, where pensions for retirees are paid out of the contributions of those in work. The Penguin International Dictionary of Finance 2. The Penguin Business Dictionary 3. The Penguin Business Dictionary 4.