Pension Payments

When an employee is covered by a pension insurance program and retires, he or she qualifies to receive a lump sum or monthly payments. Pension insurance or schemes are designed to provide the retiree with an income. Most pension plans require the employee, employer, or both to make pension payments. Who makes the pension payments depends on the plan. For example, an individual plan, purchased by a working or nonworking person, requires payments directly from that person. An employer pension plan typically entails pension payments from both the employer and the employee. Sometimes the employer will match a percentage of the amount the employee contributes. With a union pension, it is more common for the employer to make all the pension payments. Pension payments are usually tax deductible in the United States.

Fast Facts

  • The term pension payment can also refer to the payments received by the retiree once the pension is cashed in.

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  • Getting Legal Help with Common Pension Issues

    With Social Security being an unknown entity for many aging Americans, those who have had the opportunity to h...
    • By: Steven E. Petrou
    • Site: employmentlawfirms.com
    • 1 of 1 user(s) found this useful
  • Private Pension Plans

    n theory, private pension plans seem like a good idea, however, in practice, most workers rarely stay at a giv...
    • Site: lawfirms.com
    • 6 of 8 user(s) found this useful
  • Withdrawing Pension Money if You are Laid Off

    If you are laid off from your job, any money you’ve accumulated in a 401k or through profit sharing or other t...
    • Site: employmentlawfirms.com
    • 5 of 5 user(s) found this useful
  • Retirement and Pension Plan Laws

    There are no laws on the books mandating private sector employers to provide their employees with some form of...
    • Site: lawfirms.com
    • 3 of 4 user(s) found this useful
  • Your Bankruptcy and and Your Pension

    If you are going through bankruptcy pension income can be a primary concern....
    • Site: thebankruptcysite.org

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