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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Scheme Member | Types of Pension Scheme | What is a final salary scheme?
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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.
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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:
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See our Glossary for definitions of phrases in our Factsheets
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This Factsheet is not applicable to members of Money Purchase schemes
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