Definition: An annuity paid regularly as benefit due to a retired employee, serviceman etc. in consideration of past services, originally and chiefly by a government but also by various private pension schemes.
Alright class, settle down, let’s take a look! Today we're tackling the word "pension," and it’s a really important one to understand. The dictionary gives us a good definition, don’t you think? Let’s break it down piece by piece. It says a pension is like an “annuity,” which basically means a regular payment – like money coming your way - that's given out as a reward for work you've done. Think of it like this: You put in years, working with care, Building skills and showing you’re there! A pension then arrives, nice and slow, To help you live comfortably, watch your savings grow. Now, the dictionary also tells us who might get a pension. It can be for: Retired employees: Folks who've hung up their hats, you see, And now they need some comfort, happily! Servicemen: Those brave and strong, who served with pride, A pension’s there to help them, side by side. It started mostly with the government , providing a safety net, you understand? But "various private pension schemes" mean companies too – like your employer might offer one! So, in short, a pension is a thank you for your past efforts, a little bit of security when your working days are through. Does that make sense, class? Do you have any questions about this important word and what it means to us all? Let’s discuss!