A scheme which you pay pension contributions to. The company running the scheme then invests the money and pays you a pension when you retire. An approved pension scheme has various tax exemptions. ension : A pension is a regular payment to you from a pension scheme once you have retired or have reached an age when you are entitled to draw that pension.
To make savings after your job or retirement.
a long term saving plan designed with the intention of building up, over an individual's working life, a fund that is expected to be sufficient to provide a flow of income from the date of retirement and continuing for the rest of the individual's life