What does Pension Plan mean? Read on to discover the definition & meaning of the term Pension Plan - to help you better understand the language used in insurance policies.
A pension plan is financial strategy for planning for retirement in which both an employee and an employer contribute to an account that grows over time and can be used for fixed income upon retirement. In the context of insurance, the benefits provided by pension plans are often insured by insurance companies.
We hope the you have a better understanding of the meaning of Pension Plan.