Retirement benefits can be defined as deferred payment for work performed in the past, based on a system of contributions to a social security fund managed by the State or the private sector (ECLAC, 2010a, p. 98). A pension includes a set of benefits that may or may not provide a direct return to the employee and that may be contributory or noncontributory (referred to in this book as "social pensions"). The use of both terms varies among countries in the region.