GLOSSARY

Defined benefit definition

What does Defined benefit mean?

Benefits calculated by reference to a fixed formula, irrespective of the contributions paid or investment performance. The most common type of defined benefits are final salary and career average (or career average revalued earnings (CARE)). The sponsoring employer is responsible for funding any deficit in the provision of such benefits.

Pensions

Benefits calculated by reference to a fixed formula, irrespective of the contributions paid or in-vestment performance.
The most common type of defined benefits are final salary and career average (or career average revalued earnings (CARE)). The sponsoring employer is responsible for funding any deficit in the provision of such benefits.

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