A Voluntary Pension Scheme (VPS) is a personalized, defined, savings-cum-investment vehicle for providing comprehensive framework for life after retirement. It is a system established by an employer to expedite and arrange the investment of employees' retirement funds, funded by the employer and employees together. Pension fund thus acts as a common asset pool intended to generate stable source of income over the long term, providing pensions to employees when they reach the end of their working years and commence retirement.

The VPS is governed by a pension fund manager that can be an asset management company or an insurance company.