1 To
retire from work; that is, to stop working permanently, gen-
erally on reaching an age at which a pension can be received.
2 To retire a debt; that is, to remove
the obligation associated
with the debt by repaying it (or by some other arrangement
which amounts to the same thing).
Retirement fund
Money set aside by an organisation to pay the pensions that it
has promised its employees (see also pension fund).
Return
A measure of the reward flowing from
a business during a spec-
ified period, usually the reward as measured by the profit
generated. For investors, return (or, more particularly, total
return) is used to refer to the sum of the profit (that is, the
flow of income) together with
the capital gain to have
accrued from an investment over a specified period. A return in
the abstract has little meaning, so
it is usually expressed as a
ratio by relating it to something else, as follows.
Return on equity (roe).
This has become an important
measure of the performance of companies in general and
of banks in particular. It relates return to the amount of
shareholders’ equity used to obtain that return.
Companies that pay too little
attention to maximising
their roe do so at their peril, particularly in Anglo-Saxon
economies.
Return on assets (roa). This relates return to the total
assets being employed to obtain that return. Since the
assets in question are the sort that are valued in balance
sheets (fixed assets not human ones), roa is not as useful
in comparing one company with another. For example, a
service business (such as a designer of semiconductors)
will have fewer assets than a ship-owner. So the former’s
roa will be far higher than the latter’s.
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