In this type of pension scheme, members receive a set pension income on retirement – based on their final salary, how many years they’ve been working for the company. It’s also known as a final salary [..]

Refers to a super benefit (or portion of a benefit) which is determined by reference to a formula and factors. It may take into account factors such as the reason for leaving the Fund, the member’s age, salary and length of contributory service. The value of a defined benefit is not generally linked to investment earnings and a defined benefit memb [..]

A health insurance model used by an employer or government program where specified health services covered under the plan are standardized and guaranteed. The cost of providing the standard benefits may go up and down. One example of a defined benefit plan is Medicare.

A pension scheme that offers a set, or defined, income at retirement based on a multiple of years worked at the company and a proportion of the employee's salary at retirement. Also known as final salary schemes.

A defined benefit plan is an employer maintained plan that pays out a specific, pre-determined amount to retirees. Defined benefit plans are guaranteed by PBGC. Defined contribution