pension scheme - meaning and definition. What is pension scheme
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What (who) is pension scheme - definition

RETIREMENT FUND
Retirement pay; Superannuation; Pensions; Old age pension; Old-Age Pensions; Retirement plan; Retirement-plan; Old-age pension; Retirement savings account; Political pension; Political Pension; Pension scheme; Pension system; Pension (United States); State pension; Occupational pensions; Occupational pension; Old age pensions; Occupational Pension; Retirement plans; IPP (Individual Pension Plans); IPP (Individual Pension Plan); Individual pension plans; Government pension; NFL Player Benefit Plan; Pension plan; Ecclesiastical Pension; Pension, Ecclesiastical; Superannuate; Defined contribution pension scheme; Group Retirement Plan; Workplace pension; Pension governance; Public pensions; Retirement pension; State pensions; Retirement Savings Account; Retirement savings; Retirement Pension
  • Public sector workers in [[Leeds]] striking over pension changes by the government in November 2011
  • [[2010 French pension reform strikes]]
  • Social insurance system}}
  • [[2018 Russian pension protests]]

pension scheme         
A pension scheme is the same as a pension plan
. (mainly BRIT BUSINESS)
His company has the best pension scheme in the industry.
N-COUNT
pension         
(pensions, pensioning, pensioned)
Frequency: The word is one of the 3000 most common words in English.
Someone who has a pension receives a regular sum of money from the state or from a former employer because they have retired or because they are widowed or disabled.
...struggling by on a pension.
...a company pension scheme.
N-COUNT
pension plan         
A pension plan is an arrangement to receive a pension from an organization such as an insurance company or a former employer in return for making regular payments to them over a number of years. (BUSINESS)
I would have been much wiser to start my own pension plan when I was younger.
N-COUNT

Wikipedia

Pension

A pension (, from Latin pensiō, "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement.

The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called retirement plans in the United States, they are commonly known as pension schemes in the United Kingdom and Ireland and superannuation plans (or super) in Australia and New Zealand. Retirement pensions are typically in the form of a guaranteed life annuity, thus insuring against the risk of longevity.

A pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Labor unions, the government, or other organizations may also fund pensions. Occupational pensions are a form of deferred compensation, usually advantageous to employee and employer for tax reasons. Many pensions also contain an additional insurance aspect, since they often will pay benefits to survivors or disabled beneficiaries. Other vehicles (certain lottery payouts, for example, or an annuity) may provide a similar stream of payments.

The common use of the term pension is to describe the payments a person receives upon retirement, usually under pre-determined legal or contractual terms. A recipient of a retirement pension is known as a pensioner or retiree.

Examples of use of pension scheme
1. Besides the Rolls–Royce pension fund, the company also has the Rolls–Royce group pension scheme and the Vickers group pension scheme.
2. "It seems they are forcing members into an inferior pension scheme." Provident announced last week that its final salary pension scheme currently had a 133m deficit.
3. The MG Rover Group Pension Scheme has about 6,500 members.
4. However, the pension scheme is heavily in deficit.
5. The MG Rover Group Pension scheme has just over 6,000 members who have not yet reached retirement age and 232 pensioners, while the MG Rover Group Senior Pension Scheme has '6 deferred members and four people who are retired.