Pension insurance contract
Encyclopedia
Pension insurance contract is an insurance contract that specifies pension plan contributions to an insurance undertaking in exchange for which the pension
plan benefits will be paid when the members reach a specified retirement age or on earlier exit of members from the plan.
Pension
In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...
plan benefits will be paid when the members reach a specified retirement age or on earlier exit of members from the plan.