> Pension, as far as I can tell, is used as in the us - it’s a defined benefit mechanism
My point was to draw a distinction between this and the UK (where the author of the post is). In the UK there's
- state pension (similar to social security in the US) (not the topic of this thread)
- defined benefit pensions - increasingly rare because they're expensive for the employer (some older companies and the National Health Service still have this type)
- defined contribution pensions - similar to a US 401k - you contribute some % of your salary, your employer does too, you can decide what to invest in or transfer to a different provider when you move jobs - this is still called a pension in the UK, it's the most common type of pension and it's the topic of the original post