A pension is a qualified retirement plan designed to provide participants with either an income stream or a lump sum to be utilized during retirement. Pension plans are established by employers on behalf of their employees. Glossary: Lump SumPensionIncomeKey Phrases: RetirementRetirement PlanFAQ Topics: Pensions Information Log in to post comments Key Phrases: Glossary: Lump SumPensionIncomeKey Phrases: RetirementRetirement PlanFAQ Topics: Pensions Information