Pension funds are organisations or investment pools that hold and invest money set aside to provide retirement benefits. They may support workplace occupational pension schemes, public service schemes or other retirement arrangements. Some operate defined benefit schemes, where benefits are based on factors such as salary and service; others invest contributions in defined contribution arrangements, where the eventual pension depends on contributions, investment performance and how benefits are taken. Depending on their structure, pension funds may provide investment management, scheme administration, record-keeping and member communications. Their work can include collecting contributions, investing assets across areas such as shares, bonds and property, and arranging payments to retired members. Trustees or sponsoring employers may use actuarial, governance and risk-management services to assess a scheme's financial position and meet legal duties.