Defined benefit (DB) pension scheme

An occupational pension scheme (www.practicallaw.com/A36529) or other retirement benefit scheme that promises the member a defined level of benefit on death or retirement. Employers' contributions must then be determined from time to time so as to cover the cost of the promised benefits. Most defined benefit schemes are final-salary schemes (www.practicallaw.com/A36092): they provide a pension based on the member's earnings close to retirement.

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