pension
noun [ C ]
uk/ˈpenʃən/ usa 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
See also
disability pension
occupational pension
old age pension
personal pension
portable adjective
private offering
retirement pension
self-administered pension
stakeholder pension
state pension
State Second Pension
top hat pension
top-up pension