MONEY-PURCHASE PENSION PLAN
A pension plan by which employers and employees make contributions according to a percentage of annual profit, in line with the terms stated in the plan. Upon retirement, the sum of the capital in the member's account can be used in buying a lifetime annuity. The amount in every account is different from one member to another, which depends on the level of contributions and investment return generated from these contributions.
Also called defined contribution plan.
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