Defined benefit (DB) is a pension scheme where the contributions and pension payments are agreed upfront. Examples include 'final salary' or 'career average'. Defined contribution (DC) a scheme where pension contributions are invested. The amount paid in and the performance of the investment determine the value of the pension. It is also known as a 'money purchase pension'.
Pensions in payment
Preserved pension entitlements
Learn more about Membership type
Active members: Current employees who contribute to the pension scheme (or have contributions made on their behalf). People with preserved pension entitlements: Former employees (sometimes called deferred members) who paid in to, or have rights to, a pension scheme they no longer contribute to. Deferred members are entitled to their pension when they reach an agreed age. Pensioner members: Members who are receiving pension payments from the scheme.