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.