Defined benefit pension schemes
A defined benefit pension plan allows you to take a guaranteed, secure retirement income for life with the risks during the build-up stage and during retirement taken by the scheme and the sponsoring employer.
If you’ve worked for a large private sector employer or in the public sector, you may well have been a member of a defined benefit pension plan, though this is much less commonplace than it once was. If you are, then your pension income will be determined by how many years you’ve worked for your employer, the salary you’ve earned and the scheme accrual rate.
At McMillan Wealth Consultants, our team can provide tailored advice regarding your pension income options.
If you’d like to speak to a suitably qualified and authorised adviser about your defined benefit pension scheme, and other pension options, available please contact us today.