What does pension account mean? Here are all the possible meanings and translations of the word pension account. Princeton's WordNet (0.00 / 0 votes)Rate this definition: pension plan, pension account, retirement plan, retirement savings plan, retirement savings account, retirement account, retirement program (noun) a plan for setting aside money to be spent after retirement What is the role of pension accounting? Pension Accounting - the annual pension expense calculation and disclosure of a pension plan's assets and liabilities in a company's financial statement. The Financial Accounting Standards Board (FASB) governs pension accounting under generally accepted accounting principles (GAAP) in theAre employee pension plan payouts taxable? The proverbial but technical answer is - IT DEPENDS. The taxability of the payouts from employee pension plans depends on a number of factors, including the nature of the payout. In general, benefits are taxable.