What is the definition of Pension?
A Pension is a benefit program that enables employees to enjoy retirement income when they reach retirement age. The pension is subject to a minimum age and minimum number of years of service. This is to protect employees at the time when they no longer have a regular income after they retire.
Pensions are paid in installment, usually on a monthly basis. Pension plans may be set up by the individual (with the help of insurance companies), by the employers and by the government, trade union or employer association.
The government offers tax incentives, both for employers and employees, to encourage them to participate in pension plans. Some pensions are also programmed so that beneficiaries can receive the benefit payments in the event of the insured person's death.
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- Per Capita Beneficiary Designation
- Per Stirpes Beneficiary Designation
- Peril
- Period Certain
- Personal Articles Floater
- Personal Injury Protection Coverage (PIP)
- Personal Lines
- Point-of-Service Plan
- Policy
- Policy Dividend Options
- Pension Benefit Guaranty Corporation
- Payout Options
- Pay-At-The-Pump
- Participating Policy
- Partial Disability
- Paid-Up Policy
- Paid-Up Additional Insurance Option
- Package Policy
- Over-The-Counter (OTC)
- Original Equipment Manufacturer Parts (OEM)