A pension arrangement under which benefits are paid out of revenue and no funding is made for future liabilities. Typical of the State pension system in many European countries, where the current generation of workers pays contributions to cover the pensions of the retired population.
Found on http://www.encyclo.co.uk/local/20197
This refers to the government paying its pensions liabilities from current tax and non-tax revenue. :: Dept of Finance (5th Edition) Found on http://www.encyclo.co.uk/local/20977
Refers to a method of paying for a service as you use it, such as mobile phone credit. Also can be used to pay debts as they are incurred. Found on http://www.encyclo.co.uk/local/22643
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Found on http://www.finance-glossary.com/pages/home.htm