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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 an underpin?
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What is an underpin?
A pension scheme may have its main element as either money purchase or defined benefit, but the sponsoring employer could have chosen to give scheme members the ‘backup’ of an ‘underpin’.
In both cases (whether the main element is money purchase or defined benefit), the scheme is treated as a defined benefit scheme in the way it operates, but the underpin can be created in different ways.
In its simplest format, the underpin provides you with two alternative pensions from the same pension scheme.
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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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