May 20, 2017 15:21 Updated Follow Pensions are earned benefits that are paid in equal monthly amounts for life. The Annuity Savings Account (ASA) is a tax-deferred savings account administered in an employee's name. Related articles How will it affect my taxes if I combine my annuity savings account with my pension at retirement and a portion is supposed to be non-taxable? What is my Annuity Savings Account? What’s the difference between the PERF Hybrid plan and the My Choice: Retirement Savings Plan? What will happen once my annuity money runs out while I’m retired? What is vesting?