As an alternative to the object’s own pivot, you can use the working pivot for applying transforms to any object in the scene. This allows you, for example, to rotate an object about an arbitrary, persistent point in the scene without interfering with the object’s own pivot.
You position and orient the working pivot using standard transform tools as well as some special options available on this rollout, and can activate it at any time. You can use it for editing geometry at the object and sub-object levels. Keep in mind, however, that the working pivot cannot be used as a transform center when creating animation
(see Animation and the Transform Center).