Definition of final salary scheme in English:

final salary scheme

Line breaks: final sal¦ary scheme

noun

  • 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.
    More example sentences
    • 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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Word of the day skosh
Pronunciation: skōSH
noun
a small amount; a little