defined-benefit scheme
defined benefit scheme (DB scheme): An occupational pension scheme or other retirement benefit scheme which promises the member a defined level of benefit on death or retirement. Employer's contributions have then to be determined from time to time so as to cover the cost of the promised benefits. Most defined benefit schemes are final salary schemes: they provide a pension based on the member's earnings close to retirement.
Related links
multi-employer scheme (multi-employer pension schemes)

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

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  • defined benefit scheme — (DB scheme): An occupational pension scheme or other retirement benefit scheme which promises the member a defined level of benefit on death or retirement. Employer s contributions have then to be determined from time to time so as to cover the… …   Law dictionary

  • defined contribution scheme — (DC scheme) Also known as a money purchase scheme. A pension scheme where the benefits payable to an individual member are calculated by reference to contributions paid in to the scheme in respect of that member increased by the investment return …   Law dictionary

  • defined benefit — UK US adjective [before noun] ► HR used to describe a pension arrangement in which the value of the pension is fixed, and usually decided by the length of time you worked for a company and the salary that you earned: »a defined benefit… …   Financial and business terms

  • defined-benefit — UK US adjective [before noun] ► HR used to describe a pension arrangement in which the value of the pension is fixed, and usually decided by the length of time you worked for a company and the salary that you earned: »a defined benefit… …   Financial and business terms

  • Defined benefit pension plan — For the defined contribution pension plan, see Defined Contribution Pension Plan. In economics, a defined benefit pension plan is a major type of pension plan in which an employer promises a specified monthly benefit on retirement that is… …   Wikipedia

  • defined-benefit pension scheme — DB scheme An occupational pension scheme in which the rules specify the benefits to be received on retirement and the scheme is funded accordingly. The benefits are normally calculated on a formula incorporating years of service and salary levels …   Accounting dictionary

  • defined-benefit pension scheme — DB scheme An occupational pension scheme in which the rules specify the benefits to be received on retirement and the scheme is funded accordingly. The benefits are normally calculated on a formula incorporating years of service and salary levels …   Big dictionary of business and management

  • defined benefit plan —    A type of occupational pension in which the pension provision is defined (e.g., a fixed monthly amount for each year of service) and guaranteed. The employer has to make up the difference if the scheme fails to perform as well as expected.… …   Business law dictionary

  • employer-financed retirement benefit scheme — (EFRBS) Introduced by the Finance Act 2004, the new term for a funded unapproved retirement benefit scheme (FURBS)or an unfunded unapproved retirement benefit schemes (UURBS) since 6 April 2006. An EFRBS does not count as a …   Law dictionary

  • defined benefits lump sum death benefit — Introduced by the Finance Act 2004, a registered pension scheme that is a defined benefit scheme may pay a defined benefits lump sum death benefit on a member s death. The scheme administrator must test the payment against the member s lifetime… …   Law dictionary

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