A defined benefit pension scheme - also known as a final salary or career average pension scheme - is one that promises to pay out an income in retirement based on how much you. A defined benefit (db) pension – also called a final salary or career average scheme – pays guaranteed retirement income based on your salary and service. When you leave your job, we will work out the value of this pension membership using your final salary pay.
For membership before 1 april 2014, your pension and lump are worked out in the.
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