Meaning & Definition of word "Pension"
Pension
/ˈpɛnʃən/
noun:
- 1. A regular payment made by the government or a private company to a person after they have retired from work.
- Example: After many years of service, she is finally eligible to receive her pension.
- 2. A sum of money paid regularly to a person, typically following retirement from employment, to support their living expenses.
- Example: He relies on his pension to cover his basic living costs.
- 3. A fund from which pensions are paid.
- Example: The company has increased its contributions to the pension fund to ensure its stability.
Etymology
●French 'pension', from Latin 'pensionem', meaning 'payment' or 'lease'.
Common Phrases and Expressions
pension plan:
A financial scheme that provides individuals with income after retirement.
pension fund:
A pool of assets forming an investment for pension benefits.
state pension:
Government-funded pension paid to citizens upon reaching retirement age.
Related Words
annuities:
Financial products that provide fixed payments at regular intervals.
retirement:
The period in a person's life after they have stopped working.
beneficiary:
A person entitled to receive benefits from a particular source.
Slang Meanings of pension
Meaning: Golden years money
● Example Sentence: He's counting on his golden years money to enjoy retirement.
Meaning: Retirement check
● Example Sentence: She can't wait for her retirement check to start coming in.