> For the complete documentation index, see [llms.txt](https://docs.carpediempension.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.carpediempension.com/whitepaper/1.-concept.md).
# 1. Concept
Carpe Diem Pension is a decentralized and self-managed pension fund that gives users a near-literal passive income in Carpe Diem Pension (CDP). This is achieved by a “Burn & Earn mechanism”: CDP deposits are immediately destroyed from circulation, hereinafter referred to as burning, and reward users with Pension shares. A shared inflation of 4.32% a year can be claimed by all users that have Pension shares.
**Burn forever, earn forever\*.**\
Pension shares are tied to users’ accounts, and can never be converted back for CDP. Therefore, users benefit indefinitely from the rewards if they keep their account active. Users keep their account active by interacting with the system at least once every 1111 days. Shares from inactive accounts can be destroyed by anyone.
Another way to get Pension shares is by participating in the daily auction. Shares are put to auction each day. Users pool up by depositing PLS. At the end of the day, the auctioned shares are divided to those who deposited PLS that day. Participating in the auction is permanent.
A referral program rewards referrers with shares. It is therefore possible to build a pension without having to invest any money, but only some time and effort.
The backbone consists of three smart contracts (simple programs on the blockchain) that operate on [PulseChain](https://pulsechain.com/).
***
*\* Users earn forever if their account remains active.*
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