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FT Guide to Pensions and Wealth in Retirement, 2nd Edition by Mr. John Greenwood

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6

Workplace schemes: final salary/defined benefit

What topics are covered in this chapter?

Final salary pensions are by a long distance the most desirable pensions you can get, fully meriting the ‘Rolls-Royce of pensions’ tag by which they are often described. Also known as defined benefit schemes, they pay a proportion of the salary you earned when you were working every year for the rest of your life. Not all defined benefit schemes offer a proportion of final salary – some offer a proportion of the employee’s average earnings over their ...

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