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They are based on final salary and years of membership of the scheme (members who joined before 1 April 2015) or career average salary (members who joined after 1 April 2015). There is an employer charge of 0.08% for administration costs, in addition to employer contributions at a rate of 20.6% of salary from April 2019.
Houldsworth v Bridge Trustees Ltd [2011] UKSC 42 is a UK pensions and UK labour law case concerning the difference between a final salary and a money purchase pension scheme. It matters because final salary schemes fall under the minimum funding requirements, whereas money purchase schemes do not.
Defined benefit schemes are pension schemes which provide a defined (i.e. guaranteed) level of benefit, such as "1/60 of your salary at retirement for each year of service". In such an arrangement, the employee was typically promised a pension of a fixed proportion of their salary in the period leading up to retirement or as an average of ...
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Most NHS staff, including non-clinical staff and GPs (although most GPs are self-employed), are eligible to join the NHS Pension Scheme—which, from 1 April 2015, is an average-salary defined-benefit scheme.
Alternative investment firms and consultants are finding ways to boost the finances of Britain's deficit-laden final salary pension schemes as the two trillion pound ($2.64 trillion) sector ...
The Pensions and Lifetime Savings Association represents 1,300 pension funds which together provide pensions for 22 million people and have more than £1000 billion of assets. [2] Members' pension schemes include defined benefit, defined contribution, group personal pensions and statutory schemes such as those in local government.
The NHS Pension Scheme Regulations allow him to forfeit pensions if NHS employees are convicted of crimes – particularly those that are “gravely injurious to the state or to be liable to lead ...