| pension A regular income paid by the state to people above pensionable age, or by former employers to people who have retired from work. State pensions may be conditional on having made contributions to an insurance fund during one's working life. Occupational pensions may be contributory or non- contributory. Pension schemes normally give members pensions for their own lives; they vary in their provision for surviving spouses and other dependents. The self-employed can purchase personal pensions via insurance companies. See also: occupational pension, pay-as-you-go pensions, and portable pension |