Definition, Meaning & Synonyms
pension
noun
/ˈpɛnʃən/
Definition
A regular payment made during a person’s retirement from an investment fund to which that person or their employer has contributed.
Examples
- After 30 years of service, he retired and began to receive his pension.
- Many individuals rely on a pension to support them in their older years.
- Employees might contribute a portion of their salary to a pension plan.
Meaning
A pension is a financial arrangement that provides a steady income to someone who has retired, allowing them to maintain their living standards after they no longer work.
Synonyms
- retirement fund
- annuity
- superannuation
