defined-benefit scheme

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.
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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

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  • 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

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  • 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

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