Pay As You Go Pension Plan
When retirement age comes along, the beneficiary can choose to either receive the benefits in a lump sum or as a lifetime annuity where the benefits are spread in monthly payments throughout the beneficiary's lifetime. This is different from a fully funded pension where the company fully funds, manages and distributes the benefits at retirement.
Investment dictionary. Academic. 2012.
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pension plan — also pension scheme BrE n an arrangement in which you pay money regularly into a pension fund while you are working, so that you will receive a ↑pension … Dictionary of contemporary English
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pension scheme — variant UK US Main entry: pension plan * * * ˈpension plan [pension plan] (BrE usually ˈpension scheme) (N … Useful english dictionary