Pension benefits refer to the payments or income that a person receives upon retirement, typically from an employer-sponsored pension plan. These benefits are usually based on a combination of contributions made by both the employee and the employer during the worker's tenure with the company. The amount of pension benefits received can vary depending on factors such as length of service, salary level, and age at retirement. Pensions provide a guaranteed source of income for retired workers, helping to ensure financial stability in their later years.