PENSION

Pension

A pension is a contract for a fixed sum to be paid regularly to a person, typically following retirement from service. There are many different types of pensions, including defined benefit plans, defined contribution plans, as well as several others. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.

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pension

Noun

  1. A gratuity paid regularly as benefit due to a person in consideration of past services; notably to one retired from service, on account of retirement age, disability or similar cause; especially, a regular stipend paid by a government to retired public officers, disabled soldiers; sometimes passed on to the heirs, or even specifically for them, as to the families of soldiers killed in service.
    ''Pensioners depend on their pension to pay the bills
  2. A stated regular allowance by way of patronage or subsidy, e.g. to meritorious artists, or the like.
  3. Accommodations or the payment for accommodations, especially at a boarding house or small hotel in Europe.
  4. A boarding house or small hotel, as in continental Europe, which offers lodging and certain meals and services.
    A pension had somewhat less to offer than a hotel; it was always smaller, and never elegant; it sometimes offered breakfast, and sometimes not (John Irving).
  5. A boarding school in France, Belgium, Switzerland, etc.
  6. A wage in active service

Verb

  1. To grant a pension
  2. To force someone to retire on a pension.


The above text is a snippet from Wiktionary: pension
and as such is available under the Creative Commons Attribution/Share-Alike License.

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