How a Defined Benefit scheme works

In a Defined Benefit (DB) (or final salary) scheme, your pension at date of leaving or closure of a scheme is based on:

The accrual rate and the definition of final pensionable earnings that apply to you will depend on the terms in place when you were a member.

Although you no longer build up benefits in the Schemes, the benefits you had build up increase each year, before and after they start being paid, in line with the scheme rules and legislation.

See Retirement options for more information about taking your benefits.