Definition of pension plan noun from the Oxford Advanced Learner's Dictionary

 

pension plan

 noun
noun
BrE
 
; NAmE
 
(usually British English pension scheme)(North American English also retirement plan)
 
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a system in which you, and usually your employer, pay money regularly into a fund while you are employed. You are then paid a pension1 when you retire.
See the Oxford Advanced American Dictionary entry: pension plan

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