But importantly, in these days of stock market volatility, it could also be in cash, fixed interest or property depending on the way your pension is set up and how much investment risk you are prepared to take.

BBC: purse and cash

Thanks to high fixed commissions and little interest in building wealth for investors, customers were encouraged to buy and sell shares and investment trusts, Japan's version of mutual funds, as often as possible (a practice known as churning).

ECONOMIST: Japanese finance

Whereas an old-style trust pays out only investment income (dividends and interest) to "income" beneficiaries, a TRU pays them a fixed percentage of its value annually--typically 3% to 5%.

FORBES: New Cash From Old Trusts