Definition

The mythical pot of money your employer promises to give you after decades of service, assuming the company still exists and hasn't discovered creative ways to restructure it away. It's the old-school retirement plan that's slowly going extinct, replaced by 401(k)s that shift all the investment risk to you. Europeans still have them; Americans mostly have fond memories.

Example Usage

My grandfather's pension let him retire comfortably at 55, which is why I'm planning to work until I'm 80.

Source: HR terminology via Dictionary definitions

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