What is the individual pension arrangement that is separate from a government pension called?

The term for an individual pension arrangement that is separate from a government pension is known as a private pension plan. These plans are created and managed by individuals or companies, allowing contributors to save for retirement independently of government-sponsored retirement systems. They often provide greater flexibility and can be tailored to fit the individual's financial goals.

In contrast, the other options represent different forms or aspects of pension arrangements. An independent retirement account, while related, specifically refers to a particular type of private pension used in the U.S. that offers tax advantages, but it is not a general term for all individual pension plans. An employer pension scheme typically refers to a retirement plan offered by an employer, which is not applicable when discussing arrangements that are entirely separate from government pensions. A defined contribution plan indicates a specific type of employer-sponsored retirement plan where employees contribute a fixed amount or a percentage of their paychecks, which also does not fit the definition of an individual pension arrangement. Thus, a private pension plan is the broad and correct designation for this type of individual arrangement.