An investment plan which can provide a lump sum on and an income after retirement. A pension plan is sometimes used as a way of providing a lump sum to repay the capital of an interest only mortgage. Found on http://www.encyclo.co.uk/local/20452
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A pension plan is a retirement plan where the employer is contractually obligated to provide benefits for its employees when they retire. True pension plans are less popular today than they were 40 years ago because of the overwhelming costs to fund them Found on https://www.myaccountingcourse.com/accounting-dictionary/accounting-diction