pension

3 definitions • 10 examples

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.

a sum of money paid regularly to a person who has retired (= stopped working because of having reached a certain age)

a regular income paid by a government or a financial organization to someone who no longer works, usually because of their age or health:

comfortable/decent/generous pension They receive a generous pension, typically 75% of last pay drawn.

pension plan/scheme Her new job offers a company pension scheme.

Any pension contributions you pay into your plan qualify for tax relief.

According to the report, CEOs received an average of $1.3 million in pension benefits last year.

final-salary/index-linked pension If you want an index-linked pension, which will rise in line with inflation, you will get less to start with.

draw/pay/receive a pension

a full/small pension