Pension Scheme
/ˈpɛnʃən skiːm/
Definitions
- (n.) A formal arrangement, often established by an employer, to provide retirement income or benefits to employees after they retire.
The company introduced a new pension scheme to secure employees' financial future after retirement.
- (n.) A legally recognized plan governed by statutory rules and regulations determining the allocation, funding, and distribution of pension benefits.
The pension scheme must comply with the Employee Retirement Income Security Act to ensure participants’ rights.
Forms
- pension scheme
- pension schemes
Related terms
See also
Commentary
Pension schemes are commonly regulated to ensure solvency and fairness, often distinguished by their funding methods and benefit structures.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.