Pension income refers to the money that an individual receives from a pension plan. A pension is a type of retirement savings plan in which employees contribute a portion of their paychecks into a fund, and then receive regular payments after they retire. The amount of pension income received depends on several factors such as how much the employee contributed to the plan over the years, the performance of the investments made with those contributions, and the specific terms of the pension plan. Pension income is typically paid monthly or annually for life or for a set period of time.