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English definition of “pension”

pension

noun [C]     /ˈpenʃən/
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 → 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
(Definition of pension noun from the Cambridge Business English Dictionary © Cambridge University Press)
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