Defined Benefit Scheme

Defined Benefit Scheme













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Defined Benefit Scheme

With this type of pension scheme the rules of the scheme promise to pay the member a defined level of pension benefit on retirement or death. These types of schemes are salary related and include final salary schemes and career average earnings schemes. The pension benefits accumulated in a defined benefit scheme will be based on the scheme’s accrual rate, the number of year of pensionable service and the member’s salary.