What Does Pension Mean?

Pension is a fund established by an employer to facilitate and organize the investment of employees' retirement funds contributed by the employer and employees.
Pension's meaning is Post-retirement benefits that an employee might receive from some employers. A pension is essentially compensation received by the employee after he/she has retired. Sometimes, pensions are only payable as of a certain age, such as 55 or 60 or 65, or upon the attainment of a certain length of service, such as 30 years of service.
Also Visit Pension, Its definitions and Usage Examples.