Defined benefit pension

A type of pension employers offered regularly not so long ago – giving you a guaranteed income every year from your retirement.

  • How much you get is based on your salary and the number years you worked there.
  • Also known as final salary scheme (FSS), or career average revalued earnings (CARE).
  • The good news is we’re living longer – the bad news is most employers can’t afford this type of pension anymore. If you’ve ever had one, make sure you keep track of it (and don’t transfer it to a defined contribution pension scheme without seeing if it’s really worth your while).