MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.

23rd November 2017
:: Scheme Member | Types of Pension Scheme | What is a final salary scheme?

What is a final salary scheme?
 
A final salary scheme is a type of defined benefit scheme.
 
In a final salary scheme, your pension is based upon your ‘final pensionable salary’ in the years immediately before you take your pension. Different schemes use different definitions, so the definition of your ‘final pensionable salary’ (or ‘final pensionable earnings’) is important in this type of scheme.
 
Find out what benefits are provided by a Final Salary scheme. Only by understanding the type of scheme you are in can you be aware of issues, such as security, 'guarantees', flexibility and personal control.
 
To find out more, choose one of our free Factsheets on the right to match your category of membership.
 
 
Not sure which category of member you are? See our definitions:
 
 
 
 
 
See our Glossary for definitions of phrases in our Factsheets
       
 
 
 
 
 
  Defined Benefit scheme members
 
What is a final salary scheme? - for Active Members of Defined Benefit Schemes
What is a final salary scheme? - for Preserved Members of Defined Benefit Schemes
What is a final salary scheme? - for Pensioner Members of Defined Benefit Schemes
       
 
  Money Purchase scheme members
 
This Factsheet is not applicable to members of Money Purchase schemes
This Factsheet is not applicable to members of Money Purchase schemes
 
     

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