pension plan

noun
  1. a systematic plan created and maintained, as by a corporation, to make regular payments of benefits to retired or disabled employees, either on a contributory or a noncontributory basis.
  2. retirement plan(def 1).

Origin of pension plan

First recorded in 1955–60
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018