▪ I. pension pen‧sion 1 [ˈpenʆn] noun [countable]
FINANCE an amount of money paid regularly by a government, company, or financial institution to someone who is officially considered to be too old or too ill to earn money by working;
= retirement plan AmE:
• If you retire at 55 you can expect your pension to be half the size it would be at age 65.
• He lives in a modest house on a small pension.
• Pension contributions (= money that you give or an employer gives to pay for the pension that you will get ) attract no tax.
disaˈbility ˌpension also disˈablement ˌpension FINANCE
a pension paid to someone who cannot work any more because they are ill or injured:
• He retired from the force with a disability pension.
a pension from a past employer, rather than from the government:
• Many people receiving the state pension also have income from occupational pensions.
a pension that someone arranges for themselves with an insurance company, or that is arranged for them by a
broker:
• If you decide to take out a personal pension, what are the costs involved?
a pension that can be moved if you change your employer, without you losing any money
a pension paid to someone who has reached the official age when you retire, especially one paid by the government:
• The state retirement pension was £52 per week.
a pension arranged and controlled by the employer, not through an insurance company. This is usually part of a small pension plan, which may cover only one employee
in Britain, a pension in addition to the basic state pension. Employees pay into stakeholder pensions through their company,
trade union, or other collective organization, and the state also contributes to it:
• Anyone can make contributions into a stakeholder pension even if they have no earnings.
a pension paid by the government:
• people wholly dependent on the state pension
in Britain, a state pension which is in addition to the basic state pension. It replaced
SERPS an extra pension offered to the managers of the highest rank in a company, in addition to the normal company pension
a pension in addition to the normal state pension, provided by the state or a financial institution:
• Public sector employees in France have schemes for top-up pensions from the state.
[m0] ▪ II. pension pension 2 verb
pension off phrasal verb [transitive] informal
1. pension somebody → off to make someone who is old or ill leave their job and pay them a pension:
• He had worked hard all his life, and in three years they would pension him off.
2. pension something → off to get rid of something because it is too old or not useful any more:
• Old coal-fired power stations will be pensioned off.
* * *
pension UK US /ˈpenʃən/ noun [C]
► 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(
Cf. ↑
disability pension),
OCCUPATIONAL PENSION(
Cf. ↑
occupational pension),
OLD AGE PENSION(
Cf. ↑
old age pension),
PERSONAL PENSION(
Cf. ↑
personal pension),
PORTABLE(
Cf. ↑
portable)
adjective,
PRIVATE OFFERING(
Cf. ↑
private offering),
RETIREMENT PENSION(
Cf. ↑
retirement pension),
SELF-ADMINISTERED PENSION(
Cf. ↑
self-administered pension),
STAKEHOLDER PENSION(
Cf. ↑
stakeholder pension),
STATE PENSION(
Cf. ↑
state pension),
STATE SECOND PENSION(
Cf. ↑
State Second Pension),
TOP HAT PENSION(
Cf. ↑
top hat pension),
TOP-UP PENSION(
Cf. ↑
top-up pension)