what is the difference between a provident fund and a retirement annuity 
a provident fund is a government managed plan whereas a retirement annuity is a private insurance product both can help you prepare for and sustain a financially healthy retirement but each come with their own pros and cons with an annuity for example you may have access to a wider range of investment options but you will likely face higher fees the bottom linethough the money held in private savings accounts across the world continues to grow for many it s not enough to provide a comfortable life in retirement the challenge of retirement has been further deepened by social change and changing family structures in some societies for example aging adults were provided for by their extended families but declining birth rates widely dispersed family members and longer life expectancies have made it more difficult to sustain this traditional safety net 7for these reasons and more governments have stepped in to provide long term financial support to retirees and people with disabilities a provident fund finances such support in a way that readily scales payouts to the available balance and enlists employers and workers to help cover the cost if you have questions about your provident fund plan talk to your plan administrator 