pension

▪ I. pension pen‧sion ¹ [ˈpenʆn] 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.

occuˈpational ˌpension FINANCE HUMAN RESOURCES

a pension from a past employer, rather than from the government:

• Many people receiving the state pension also have income from occupational pensions.

ˌold age ˈpension informal FINANCE

a retirement pension

ˌpersonal ˈpension FINANCE INSURANCE

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?

ˌportable ˈpension FINANCE HUMAN RESOURCES

a pension that can be moved if you change your employer, without you losing any money

ˌprivate ˈpension FINANCE INSURANCE

a personal pension

reˈtirement ˌpension FINANCE

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.

ˌself-adˌministered ˈpension FINANCE HUMAN RESOURCES

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

ˈstakeholder ˌpension FINANCE HUMAN RESOURCES

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.

ˌstate ˈpension FINANCE

a pension paid by the government:

• people wholly dependent on the state pension

ˌState ˌSecond ˈPension FINANCE

in Britain, a state pension which is in addition to the basic state pension. It replaced SERPS

ˈtop-hat ˌpension FINANCE HUMAN RESOURCES

an extra pension offered to the managers of the highest rank in a company, in addition to the normal company pension

ˈtop-up ˌpension FINANCE

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.

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pension UK US /ˈpenʃ^ən/ noun [C]

► a regular income paid by a government or a financial organization to someone who no longer works, usually because of their age or health: 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)