final salary scheme
An occupational pension scheme aiming to provide, by way of pension, a proportion of an employee's income at retirement, usually dependent on the length of membership of the pension scheme and earnings near his retirement date.
Related links

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

Look at other dictionaries:

  • final salary scheme — UK US noun [countable] [singular final salary scheme plural final salary schemes] business british a pension plan in which the amount of an employee’s pension is based on the number of years that they worked for each employer and the salary they… …   Useful english dictionary

  • final salary scheme — UK / US noun [countable] Word forms final salary scheme : singular final salary scheme plural final salary schemes business British a pension plan in which the amount of an employee s pension is based on the number of years that they worked for… …   English dictionary

  • final salary scheme — The calculation of your pension on retirement is based on a fraction of your pensionable earnings for each year you ve been a member of the pension scheme. The most common fraction used is 1/6th and if you had been a member of the scheme from the …   Financial and business terms

  • final salary scheme — An occupational pension scheme in which payments are determined by the employee s final salary. See: defined benefit pension scheme …   Accounting dictionary

  • final salary scheme — An occupational pension scheme in which payments are determined by the employee s final salary. See defined benefit pension scheme …   Big dictionary of business and management

  • final salary scheme — /ˌfaɪn(ə)l sæləri ski:m/ noun a form of pension scheme where the benefit is based on the final salary of the member and his or her years of service …   Dictionary of banking and finance

  • final salary — A money purchase occupational pension scheme is where contributions are based on fixed cash amounts or salary percentages. These sums plus investment income and capital gains together provide retirement benefits based on the performance of the… …   Law dictionary

  • final salary pension scheme — ➔ scheme …   Financial and business terms

  • final-salary — UK US adjective [before noun] FINANCE, HR ► used to describe a pension that is calculated according to the amount of money that somebody is earning when they stop work: » He was in an excellent final salary occupational scheme …   Financial and business terms

  • salary-related scheme — A pension scheme providing benefits calculated by reference to a member s salary at or shortly before the date of retirement, death or leaving service. The employer is usually required to make contributions to a salary related scheme to ensure… …   Law dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”