Defined benefit pension scheme

A defined benefit pension scheme ensures a level of retirement income to its members; usually a fraction of the member’s annual  earnings for every year they have been a member of the scheme. For example, a member’s pensions may be calculated as 1/60th x Final Pay x Number of Years in the Scheme.

Information correct as of December 3, 2013

View all Glossary Entries

NOW: Pensions has a good technical infrastructure combined with a pension product suitable for our team. We couldn’t be happier with NOW: Pensions.
Martin Woods, SALT.agency