Longman Dictionary of Contemporary English homepage

pension

1 noun
     
pen‧sion1 S3 W2 [countable]
an amount of money paid regularly by the government or company to someone who does not work any more, for example because they have reached the age when people stop working or because they are illCOLLOCATIONS COLLOCATIONS
retirement pension get/receive/draw/collect a pension pay into a pension (=pay money regularly now so that you can have a pension when you are older) take out a pension (=make the arrangements to be able to have a pension later) state pension/old age pension British English public pension American English (=one that the government pays) company/corporate/occupational pension (=one that your employer pays) private/personal pension (=one that is run by a private pension company, not by the government or your employer) pension fund/plan/scheme
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.
Definition from the Longman Dictionary of Contemporary English
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