personal pension


noun

a private pension scheme in which an individual contributes part of his or her salary to a financial institution, which invests it so that a lump sum is available on retirement; this is then used to purchase an annuity
a pension derived from such a scheme

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Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012