Help Centre for Employers

What does Defined Benefit mean?

Sometimes known as a “Final Salary” or “Career Average”, the pension benefits at retirement are broadly known in advance and are related to an individual’s earning history and the length of service.

Final benefits are not dependent on either the cost of purchasing a pension nor on investment performance. The risk broadly sits with the sponsoring employer.

 

I am backing NOW: Pensions, the ATP project, because I believe it will encourage transparency, low costs and decent returns for millions of British employees. — Nigel Waterson, former Shadow Pensions Minister
I firmly believe in NOW: Pensions' principle that everyone deserves the right to a better retirement. I look forward to being part of the team which aims to achieve this in the UK. — Win Robbins, former Head of European Fixed Income Barclays Global Investors
“We were impressed with the simplicity of its scheme. The ease of implementation was also a big plus for us and has removed much of the administrative headache.” — Neil Tune, HR director at Fitness First
Over a short period of time, NOW: Pensions has established itself as a respected and credible player in the UK workplace pensions market attracting thousands of employers and hundreds of thousands of members. Joining the team at such a crucial time… — Jocelyn Blackwell, Founder of Dunnett Shaw and Raising Standards in Pensions Administration
I am excited to be joining such a distinguished Board of Trustees, over-seeing a modern, transparent, cost efficient and high-performing pension fund. — Win Robbins, former Head of European Fixed Income Barclays Global Investors