Keyword Analysis & Research: pension definition

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What does the name pension mean?

A pension (/ ˈ p ɛ n ʃ ə n /, from Latin pensiō, "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under ...

What is the difference between a retirement and a pension?

In short, retirement is the state of cessation of working while pension is the amount given to the individual after retirement. Another pair of terms that are thought to be synonymous with each other are pension and retirement plans.

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