A private pension plan is a pension plan issued by a private company, as opposed to one issued by a public institution or agency.
In the context of insurance, pensions are tools that are used similarly to life insurance policies for financial planning, since both can generate fixed income for retirement.
While government and public agencies can provide pensions for their employees, these are public, rather than private, pension plans. Whether they are private or public, however, the pension plans function similarly, and both can be quite substantial.
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