0 a type of share where the dividend (= part of a company's profits) does not have to be paid until payments have been made on all other shares: --
1 a type of share where the dividend (= part of a company's profits) does not have to be paid until a future date: --
The National Association of Pension Funds objects to the fact that the deferred shares are paid out regardless of the performance of the company over the intervening three years.