Term:
Pension plan
Definition:
A legally binding contract having an explicit retirement objective (or in order to satisfy tax-related conditions or contract provisions the benefits can not be paid at all or without a significant penalty unless the beneficiary is older than a legally defined retirement age).
Domain:
Finance
Source:
OECD Working Party on Private Pensions, 2005, “'Private Pensions: OECD Classification and Glossary, 2005 edition”, OECD, Paris
