Sentence examples for defined salary scheme from inspiring English sources

It said António Horta-Osório, the head of Lloyds Banking Group, had received £549,000 into a defined salary scheme over the year - one of three directors who had received company contributions of more than £500,000.

Oil giant Shell became the last of the FTSE 100 companies to close its "defined benefit" final salary scheme last month and two out of three people in the private sector now fail to save at all.

Initially this will effect only defined contribution schemes, where payouts are based on the fund's performance, but eventually it could be rolled out to defined benefit (final salary) schemes.

Behind the fall-off in private sector pension enrolment is the decline in the number of defined benefit (final salary) schemes.

Changes in pensions have also hurt those born since the 1970s, with a marked decline in defined benefit final salary schemes for those not working in the public sector.

People in public sector defined benefit (final salary) schemes will not be able to take money out of their pension pot because of the possible impact on the public finances.

Many have been moved to defined contribution pensions, which tend not to be as generous as defined contribution or final salary schemes, but the TUC said directors had received a "sharp increase" in contributions from their employers.

Those in defined benefit, or final salary schemes, can only take advantage of the freedoms if they transfer to a DC scheme.

Every time an employer closes a final salary scheme and places workers into a "defined contribution" scheme it shifts all the risk on to them.

Legislation requires pension providers to check that anyone wanting to convert a final salary scheme of more than £30,000 to a defined contribution pension, or who has a pension with certain other safeguarded benefits, has taken independent financial advice.

When the changes were first announced, the general consensus was that those in a defined benefit (DB) pension fund – also known as a final salary scheme – would not need to take advantage of the changes.