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<h1>Pension defined as retirement benefit excluding employee contributions with interest or statutory compensation payments</h1> A pension is defined as a periodical payment or lump sum provided as retirement benefit, gratuity, or superannuation allowance under schemes for employees in specific employments. It excludes payments consisting solely of employee's own contributions with interest, additional voluntary contributions, or statutory compensation payments. The concept encompasses government allowances granted for meritorious past services or losses sustained in public service, designed to assist pensioners with daily needs and presupposing continued life of the recipient.