Monday September 28, 2020

Defining your future

If your defined benefit pension is being wound up, you need to think seriously about what you should do, writes Liam D Ferguson.

13th July, 2013
Defined benefit pensions are sinking out of sight, but you have options to help keep you afloat. Photo: Thinkstock

Defined benefit (DB) pension schemes have been in the news for all the wrong reasons recently. Such pension schemes, sometimes known as final salary schemes, guarantee a level of pension at retirement which is based on the employee's final salary and number of years of service.

However, such guarantees must be funded for the most part by the employer and the cost of providing such pensions has gone up in recent times for a variety...

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