Final Salary Scheme

Final Salary Scheme













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Final Salary Scheme

This is the most common type of defined benefit pension and pays a pension which is calculated as a percentage of the member’s salary around the time of retirement. The pension will be based on the number of years of pensionable service, the employee’s salary at or near to retirement and the accrual rate. Although it is called a final salary pension, the salary used to calculate the benefits payable on retirement is usually an average of the member’s salary for his or her final few years of employment.