cash balance scheme
A pension scheme in which risk is shared between the sponsoring employee and the member. Typically, members may receive fixed amounts for each year of service, calculated as a percentage of their pensionable salary. At retirement, they must convert the total cash fund to an annuity. In other words, the employee must bear the mortality risk.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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