Defined benefit pension scheme
From ACT Wiki
(DB).
A pension scheme that provides benefits based on how much a member is paid and the number of years they have been in the scheme.
Also known as pay related schemes (one example of which is a final salary scheme).
Such schemes may be funded or unfunded.
Relevant accounting standards include Section 28 of FRS 102.
See also
- Accrual
- Accrual rate
- Active member
- Career average pension scheme
- Debt on the employer
- Defined contribution pension scheme
- Final salary pension scheme
- FRS 102
- Funded scheme
- Funding
- Hybrid pension scheme
- Insured pension scheme
- Lifetime allowance
- Occupational pension scheme
- Pension liabilities
- Pensionable salary
- Pensionable service
- Unfunded scheme
