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DEFINED BENEFIT SCHEME

Also known as a Final Salary Scheme. This is the traditional form of company or occupational pension in which your pension is calculated as a proportion of your salary in the last few years of work. The proportion you receive depends upon how many years you have been in your company scheme.

DEFINED BENEFIT PENSION SCHEME

Also known as a final salary scheme, this is a plan where your pension is guaranteed to be a set proportion of your pre-retirement earnings.

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