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What defined benefit pension plan?What is a defined benefit pension? A defined benefit (DB) pension scheme is one where the amount you're paid is based on how many years you've been a member of the employer's scheme and the salary you've earned when you leave or retire.
What are the characteristics of a defined benefit plan?A DB plan is primarily insurance against lost income due to retirement, death, or disability. A benefit specified by a formula is promised. This formula will precisely specify the benefit based on the age, service, and pay of the member. A DC plan is primarily a savings vehicle.
What is a defined benefit plan based on?A defined-benefit plan is an employer-based program that pays benefits based on factors such as length of employment and salary history. Pensions are defined-benefit plans.
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