Entry from British & World English dictionary
(also final salary pension scheme)
Definition of final salary scheme in English:
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.
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