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What Pension Will I Get? A Defined Benefit Pension

Knowing the answer to what pension will I get? Is crucial in understanding what sort of lifestyle you will have in retirement. Will your pension produce enough so you will be comfortable with financial security and flexibility or will you just get by? Maybe you will be comfortable, financially free and able to enjoy lots of life’s luxuries. This video is part of a series of videos that will give you an idea of what pension you might get and how to find out. A Defined Benefit Pension. A defined benefit pension is also commonly known as a final salary pension. These types of pension schemes were mainly offered by the public sector and larger employers. Most of these types of schemes are closed now to new members and no longer build up further benefits for older members, but older members will still be due a pension. What pension will I get from a defined benefit pension? This can be complex to work out. It will depend on the following factors: • Your salary either at date of retirement or an average over a number of years. • How long you have worked for the company providing the pension. • Something called an accrual rate which is used in the formula to work out your pension benefits. For example, a defined benefit pension member who has a salary at date of retirement of £90,000, has worked for the company for 25 years and the company uses an accrual rate of 1/80ths, the annual pension income will be: £90,000 x 25/80 = £28,125 You should be able to get an indication on what you pension will be by writing to the scheme administrator and asking for a projection. If it’s a private sector defined benefit pension scheme then you should also have the option of requesting a transfer value which means you could transfer the value of your pension to a defined contribution pension. This may give you more options but would mean you giving up very valuable guarantees. DOWNLOAD YOUR FREE '10 MINUTE RETIREMENT PLAN' HERE: https://rtsfinancialplanning.co.uk/wh... #whatpensionwilliget #definedbenefitpension #finalsalarypension