Overwhelmed by all the pension jargon? Fear not, our pension glossary has you covered. All the important terms and acronyms explained right here.
What is a Final Salary Scheme?
A final salary scheme (also known as a defined benefit scheme) provides a set level of pension at retirement. The amount of money you receive usually depends on how long you’ve been employed for and your earnings in the years before retirement or throughout your career, depending on the rules of the scheme you are in.