What is the definition of a pension

From Longman Dictionary of Contemporary Englishpensionpen‧sion1 /ˈpenʃən/ ●●○ S3 W2 noun [countable]    an amount of money paid regularly by the government or company to someone who does not work anymore, for example because they have reached the age when people stop working or because they are ill  At what age can you start drawing your pension?  If you are self-employed, you should think about taking out a private pension.  Many people find it hard to live on a basic state pension.  She pays a quarter of her salary into a pension plan.COLLOCATIONSverbsget/receive a pensionThey receive the basic state pension.draw your pension (=receive it)He's got another ten years before he draws his pension.collect your pension (=receive it or go to get it)She went to the post office every week to collect her pension.pay into a pension (=pay money regularly so that you will have a pension later)They have been unable to pay into a pension.take out a pension (=make arrangements to have a pension later)People were encouraged to take out private pensions.ADJECTIVES/NOUN + pensionan old age pensionState old age pensions were introduced in 1908.a retirement pensionMany workers lost their retirement pensions when the fund collapsed.a state pension British English, a public pension American English (=one that the government pays)They argued that the state pension should rise in line with average earnings.a company/occupational pension (=one that your employer pays)I've been paying into the company pension scheme for 20 years.a private/personal pension (=one that you arrange with a private pension company)The percentage of the workforce with a private pension has declined.pension + NOUNpension contributions (=money that you pay into a pension)You can make additional pension contributions.pension provision (=when you pay money regularly so that you will have a pension later)They can't afford to make adequate pension provision for themselves.pension age (=the age when you can get a pension)Most men stayed in their jobs until pension age. Examples from the Corpuspension• How long have you been drawing a pension?• Subsequent valuation of a pension scheme A company's year end is 31 March.• Living on a pension isn't easy you know. You really have to scrimp and save.• Is there a pension scheme where you work?• In spite of his breakdowns, Hoccleve achieved a position of seniority and in due course retired with a pension.• The government is considering linking the old-age pension to earnings.• General operating expenses, including salaries and pension contributions, grew 3. 4 percent to 92. 927 billion pesetas.• He retired from the force with a disability pension.• He gets a pretty good pension from his old firm.• He would also have to liquidate his pension funds.• Martin still hasn't got his invalidity pension sorted out.• Occupational pensions are undoubtedly delivering the goods for those people who are members.• By July I was able to set out my proposals on personal pensions.• If a man retires at 58, he's actually got seven years to go before he draws his state pension.• Most important, there is an assurance that pension rights are linked to the retail prices index.• The pension fund plans to cut in half the number of outside managers, Mr Burnham added.• I don't know how you manage on your pension, Lil, I really don't. drawing ... pension• Or keep working past 65 and postpone drawing your pension.pensionpension2 verb British English     → pension somebody/something ↔ off→ See Verb tableExamples from the Corpuspension• In three years, just thirty-six months, they would pension him off.Household, Tourismpensionpen‧si‧on3 /ˈpɒnsiɒn $ pɑːnˈsjoʊn/ noun [countable]    DHDLTa small cheap hotel in France and some other European countriesExamples from the Corpuspension• General operating expenses, including salaries and pension contributions, grew 3. 4 percent to 92. 927 billion pesetas.From Longman Business Dictionarypensionpen‧sion1 /ˈpenʃən/ noun [countable] FINANCEan 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 workingSYNretirement plan AmEIf 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. → disability pension → occupational pension → old age pension → personal pension → portable pension → private pension → retirement pension → self-administered pension → stakeholder pension → state pension → State Second Pension → top-hat pension → top-up pensionpensionpension2 verb → pension off→ See Verb table

What is considered a pension?

What does a pension literally mean?

What's the difference between a 401k and a pension?

What are the three types of pension?