A pension fund is a collective (pooled) institutional investment scheme that provides income in retirement for scheme members. Pension funds are usuallylong-term investors in equity and bond markets as well as in alternative assets such as property, commodities, hedge funds and private equity. Pension fund assets are managed by professional money managers according to strict asset allocation models and internal rules set by pension trustees. Company pension schemes offer private company employees retirement savings options where companies make contributions to employees’ pensions alongside contributions by employees. Private individuals can also create personal pension schemes. Government and public-sector agencies provide pension schemes for workers in the public sector (teachers, public healthcare workers, civil servants and those working in local government).