final-salary

final-salary

adj
(Social Welfare) another name for defined-benefit
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FINAL-SALARY or defined benefit pension schemes are often referred to as 'guaranteed' or 'gold- plated' because they provide a defined income from the date of retirement until the person dies.
REPLACING public sector workers' final-salary pension schemes with defined contribution ones would "substantially" increase costs for the Government in the short term, a thinktank has warned.
But now existing staff are to have their final-salary pensions withdrawn.
A growing number of firms are switching workers from final-salary schemes to cheaper alternatives linked to the stock market.
BP will close its final salary pension scheme to new entrants from April 2010 while Barclays Bank is taking 18,000 staff out of its final-salary scheme and into an inferior defined contributions (DC) scheme, albeit with some protection against swings in the stock market.
BP closes its final salary pension scheme to new entrants from April 2010, while Barclays Bank is taking 18,000 staff out of its final-salary scheme and into an inferior defined contributions (DC) scheme, albeit with some protection against swings in the stock market.
NEARLY a third of final-salary pension schemes have been closed to new members during the past two years, figures showed today.
The trend among companies to close their final-salary pension schemes and replace them with less generous defined contribution ones could be storing up problems for the future, consultant Hewitt Bacon & Woodrow said.
Companies that have closed their final-salary pension schemes to new recruits came under fierce attack at the TUC's annual conference last month.
SUPERMARKET giant Asda is closing its final-salary pension scheme after its deficit nearly doubled during the past nine months.
Not only are the majority of final-salary pension schemes closed to new members, but almost all blue-chip companies admit their schemes are unsustainable.
This compared with a combined 20% contribution rate for members of traditional final-salary schemes.