What is the Definition of Pensions?

What is the Definition of Pensions?

Programs to provide employees with retirement income after they meet minimum age and service requirements. Life insurers hold some of these funds. Since the 1970s responsibility for funding retirement has increasingly shifted from employers (defined benefit plans that promise workers a specific retirement income) to employees (defined contribution plans financed by employees that may or may not be matched by employer contributions). (See Defined benefit plan; Defined contribution plan)

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Pensions?

You can find random definition and meaning of insurance terms below:

What is the meaning of Endorsement

An addition to the basic policy contract. An endorsement adds to the policy contract; an amendment alters it.

What is the meaning of Estimate

An assessment of the cost to repair your damaged property.

What is the meaning of Exclusion

Restriction in your insurance policy that limits and may exclude coverage for certain perils, persons, property, or locations.

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