defined benefits
Describing a pension scheme in which an employer agrees to provide a pension payment…Describing a pension scheme in which an employer agrees to provide a pension payment or lump sum on retirement that is predetermined based on the employee's length of service, earnings history and age.
Meaning
1 senses(UK, not comparable)Describing a pension scheme in which an employer agrees to provide a pension payment or lump sum on retirement that is predetermined based on the employee's length of service, earnings history and age.