Entry from British & World English dictionary
(also final salary pension scheme)
A company pension scheme in which employees' pension payments are calculated according to their length of service and their salary at the time of retirement.
- However, he has no plans to campaign for MPs to lose their lucrative final salary schemes.
- Precision engineering firm Renishaw becomes latest firm to close final salary scheme.
- Occupational pensions were traditionally based on the principle of a final salary scheme.
For editors and proofreaders
Line breaks: final sal¦ary scheme
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.