PENSION

[noun] [C] - a sum of money paid regularly by the government or a private company to a person who does not work any more because they are too old or they have become illThey find it hard to live on their state pension.He won't be able to draw (= receive) his pension until he's 65.A pension plan/(UK and ANZ also) pension scheme is a financial plan that allows you to receive money after you or your employer have paid money into it for a number of years.A pension fund is a supply of money which many people pay into, esp. employees of a company, and which is invested in order to provide them with a pension when they are older.