Pension Account (Noun)
Meaning
A plan for setting aside money to be spent after retirement.
Classification
Nouns denoting cognitive processes and contents.
Examples
- Many companies offer a pension account to their employees as a benefit, allowing them to save for their future.
- As part of the employee benefits package, the company contributes to the individual's pension account each month.
- Individuals may also open a personal pension account outside of work to supplement their retirement income.
- When she retired, she began to draw on her pension account to cover living expenses.
- The financial advisor recommended that he roll over his previous employer's pension account into a new IRA.
Synonyms
- Retirement Savings Account
- Retirement Program
- Retirement Account
- Retirement Savings Plan
- Pension Plan
- Retirement Plan