Pension Meaning: Definition, Examples, and Translations
💰
pension
[ˈpɛnʃən ]
Definitions
retirement fund
A pension is a fixed amount of money paid regularly by the government or a former employer to a person who no longer works because of their age or a disability.
Synonyms
retirement pay, superannuation.
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| pension |
Used in common language to refer to the regular payments received after reaching retirement age or leaving a job due to disability.
|
| retirement pay |
Typically used in a workplace or formal setting to refer specifically to the money received upon retiring. Often used in discussions about retirement benefits and financial planning.
|
| superannuation |
Commonly used in Australian English to refer to a retirement fund or pension scheme that individuals pay into during their working life. Formal term often found in legal, financial, and organizational contexts.
|
Examples of usage
- He receives a monthly pension from the government.
- She has been living on her pension since retiring.
accommodation
A pension is also a boarding house or small hotel in Europe.
Synonyms
boarding house, guesthouse.
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| pension |
Like the first entry, used in some languages, especially French and Italian, to describe a small, modest hotel or guesthouse offering meals and accommodation. It typically carries a more traditional and homely vibe.
|
| boarding house |
Refers to a house where lodgers rent one or more rooms for one or more nights, and sometimes for extended periods. Meals may be provided. It is usually more affordable and can have a long-term resident feel.
|
| guesthouse |
A private house offering accommodations, often run by the owners. It can range from luxury to budget-friendly and is commonly used in English-speaking countries.
|
Examples of usage
- They stayed at a cozy pension during their vacation in France.
- The pension offered comfortable rooms and a delicious breakfast.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
Historical Context
- Pensions started to gain popularity in Europe during the 19th century, especially for soldiers and civil servants.
- The first modern pension system was established in Germany in the 1880s under Chancellor Otto von Bismarck.
Social Studies
- Many countries have made pension schemes mandatory to secure financial stability for the elderly.
- Pensions can be funded through employer contributions, employee savings, or government funds.
Pop Culture
- Movies and TV shows often portray retirement communities, which are supported by pension plans.
- Songs about getting older frequently mention the idea of living off a pension.
Economics
- Pensions are a crucial part of financial planning, affecting savings and investments for millions of people.
- The stability of pension funds can impact national economies, especially as populations age.
Origin of 'pension'
Main points about word origin
- The word 'pension' comes from the Latin 'pensionem', meaning 'payment' or 'to weigh out'.
- It was first used in Middle English in the early 15th century, referring to a type of reward for services.
The word 'pension' originated from the Latin word 'pensio', which means payment or rent. The concept of pensions dates back to ancient Rome, where soldiers received pensions after their years of service. Over time, the idea of pensions evolved to include retirement funds provided by governments or employers. Today, pensions play a crucial role in ensuring financial security for retirees.
See also: pensive.