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Depends where you are. In the UK and much of the EU it’s a pension, as far as I know. Either way, isn’t this mostly semantics? My point is that one persons pri

• tehlike 5y ago
  Fair.
• lotsofpulp 5y ago
  Some countries call what Americans call a “401k” a “pension”. Americans use “pension” as short for “defined benefit pension”, meaning you are owed some amount of money every month after the retirement age, and it’s up to the employer to do whatever needs to be done to provide it. Americans use “401k” or “IRA” to refer to a defined contribution pension, one where the employer (and employee) contributes a certain amount into an account that is withdrawn from after retirement. However, the amount the employee can withdraw is subject to however much is in the account when they retire and however much the employee wants to periodically withdraw, so there is no definite benefit amount. I have British family that refer to the latter as a pension, but we would not in the US. I would be surprised if any modern tech company offers a defined benefit pension anymore, even in UK/Europe.
  • JosephRedfern 5y ago
    TIL! Thanks for the explainer.