definition of pension check?

Answer 1

It is a check from a fund covering a lot of people where the money is allocated to the people but not specifically held in their name.
A person, or a person and a company, or a company, paid into a fund that after the person retires is supposed to pay out money on a regular basis to the person. Normally, the funds are all blended and invested by the fund, rather than a specific amount being invested in the name of the person - say in a 401(k) or IRA although sometimes at the time the person retires the funds due are put in an annuity in the individuals name. An annuity is paying an amount up front that is planned to match the life expectancy of the person so that amount paid in plus interest on the amount equals the payments for an average lifetime. This only works if the issuing company has lots of people so those who die early balance those who live longer than expected. And the company can't go bankrupt itself.
A pension fund may be set up as a liability of the company - that is the company promises to pay for its retirees out of future income plus what it pays in now - that is one of the things that has gotten big companies in trouble - they didn't put enough aside and their future liability is so big they can't expect to pay it, especially with more and more costly medical care factored on.

Answer 2

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definition of pension check?