Pension System
/ˈpɛnʃən ˈsɪstəm/
Definitions
- (n.) A structured arrangement, usually established by law or contract, for providing retirement income to employees or individuals through funded or unfunded means.
The company implemented a pension system to ensure retirement benefits for its workers.
- (n.) A statutory framework governing the administration, funding, and disbursement of pension benefits to qualifying beneficiaries.
The national pension system mandates contributions from both employees and employers.
Forms
- pension system
- pension systems
Related terms
See also
Commentary
The term refers broadly to mechanisms establishing retirement income, encompassing both legal frameworks and contractual schemes; clarity between public statutory systems and private contractual plans often matters in legal drafting.
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.