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English definition of “pension plan”

pension plan

noun [C]     (also UK pension scheme, US retirement plan)
FINANCE a system which allows people who are working to make regular payments from their income to invest in a pension: start/take out a pension plan Some of the advice must have sunk in, though, as about two years ago she took out a pension plan.pay (sth) into/put sth into a pension plan How much should you put into a pension plan to be sure you have adequate retirement income? a company/personal pension plan
(Definition of pension plan noun from the Cambridge Business English Dictionary © Cambridge University Press)
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