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    defined benefit pension plan
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  3. There are 2 main types: defined contribution - a pension pot based on how much is paid in. defined benefit - usually a workplace pension based on your salary and how long you’ve worked...

  4. A defined benefit (DB) pension scheme is one where the amount you’re paid is based on how many years you’ve been a member of the employer’s scheme and the salary you’ve earned when you leave or retire. They pay out a secure income for life which increases each year in line with inflation.

  5. Aug 13, 2024 · A defined benefit pension scheme - sometimes called a final salary or career average pension scheme - is one that promises to pay out an income based on how much you earn when you retire.

  6. Apr 6, 2024 · A defined benefit pension (also called a 'final salary' pension) is a type of workplace pension that pays you a retirement income based on your salary and the number of years you’ve worked for the employer, rather than the amount of money you’ve contributed to the pension.

  7. Apr 6, 2024 · With a defined benefit pension, the employer guarantees to pay a set retirement income, regardless of how the underlying investments perform.

  8. Feb 5, 2024 · A defined benefit (DB) pension is a type of workplace pension which guarantees you a specific income for life (throughout retirement). The amount it pays out depends on things like your final or average salary and how long you’ve been a member of your employer's scheme.

  9. Feb 23, 2024 · A defined benefit pension is a type of workplace scheme that gives you a guaranteed income for life, whereas a defined contribution pension depends on how much you and your employer pay in and the performance of the underlying investments.

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