What is a defined benefit pension?
A pension is a long-term way of saving during your career, helping you to build up an income for the future that you’ll receive when you stop working.
A defined benefit (DB) pension scheme, also known as a final salary scheme, provides an annual income that’s guaranteed for the duration of your retirement. DB pensions typically increase each year in line with inflation. The amount you receive is usually based on your final salary and depends on how long you were building up your pension.
For a more detailed explanation of how DB pension schemes work, you can visit the MoneyHelper website.
Overview of our DB section
Find out more about the Schroders Retirement Benefits Scheme
State Pension
Did you know that you’re also entitled to a State Pension paid by the government when you reach State Pension age? The amount you receive depends on the number of years you’ve made National Insurance contributions. See our dedicated State Pension page to learn more about this.