The termination of a pension plan by a corporation because the plan is overfunded and the company wants to take ownership of the surplus assets. The money that is withdrawn is invested with an insurance company in a fixed-annuity plan, from which employees will receive future retirement benefits. A pension reversion usually is viewed negatively by employees. The action also eliminates insurance protection for the pension fund from the Pension Benefit Guaranty Corporation, an additional level of protection for pensioners in the event that something unexpected occurs to the fund.