Pension Annuity Calculator
Aviva Life & Pensions UK Limited. Registered in England No. 3253947. Registered office: Aviva, Wellington Row, York, YO90 1WR. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number: 185896.
Defined benefits pension scheme
This is a pension scheme in which the members are entitled to a certain level of pension benefit. It is defined by a formula which uses the member's length of pensionable service in conjunction with their salary to help determine benefits upon retirement. A final salary pension scheme is probably the most common type of defined benefits pension scheme.
You and/or your employer invest into your pension fund(s) during your working life and you use it to provide for yourself in retirement.