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- Dictionarypension/ˈpɛnʃn/
noun
- 1. a regular payment made by the state to people of or above the official retirement age and to some widows and disabled people: "men can draw a pension from the age of sixty-five" Similar
verb
- 1. dismiss someone from employment, typically because of age or ill health, and pay them a pension: "he was pensioned off from the army after the war"
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an amount of money paid regularly by the government or a private company to a person who does not work any more because they are too old or have become ill: US a government pension. UK a state pension. He won't be able to draw (= receive) his pension until he's 65. Fewer examples.
The meaning of PENSION is a fixed sum paid regularly to a person. How to use pension in a sentence.
The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual; [2] the terminology varies between countries. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions.
May 16, 2024 · A pension plan is an employee benefit that makes regular payments to the employee in retirement. There are defined-benefit and defined-contribution pension plans.
May 24, 2023 · A traditional pension is what’s known as a defined benefit plan. As their name suggests, these plans provide retired employees with a specified, or “defined,” monthly benefit that is ...
Aug 10, 2023 · What Is a Pension? A pension plan is a favored kind of retirement plan by employees in which employers commit to paying a defined benefit or fixed amount of money upon retirement. Pension plans are a popular incentive to retain employees because of the perks of getting a steady stream of checks that lasts the length of their retirement.
Jan 25, 2022 · A pension is a retirement plan that provides a monthly income in retirement. Unlike a 401 (k), the employer bears all of the risk and responsibility for funding the plan. A pension is typically based on your years of service, compensation, and age at retirement.
an amount of money paid regularly by the government or a private company to a person who does not work anymore because they are too old or have become sick: US a government pension. UK a state pension. He won't be able to draw (= receive) his pension until he's 65. Fewer examples.
Pension definition: a fixed amount, other than wages, paid at regular intervals to a person or to the person's surviving dependents in consideration of past services, age, merit, poverty, injury or loss sustained, etc.. See examples of PENSION used in a sentence.
Jun 19, 2024 · How do pensions work? The most common type of pension plan is a defined benefit plan. Under that type, after an employee with a pension retires, they receive monthly benefits from the plan...
