Rights to receive pensions, from the state or from former employers. The value of pension rights refers to the actuarial value of expected pension receipts, given the age and other individual characteristics of the pensioner; what is received in any individual case depends on how long they survive to draw the pension. Pension rights are one of the main forms of personal wealth in modern societies. They are, however, a rather illiquid form of wealth: it is not easy to use them as collateral for borrowing.