Career average pension scheme: Difference between revisions
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imported>Doug Williamson (Generalise to refer to inflation, rather than RPI.) |
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A defined benefit pension scheme where the benefit for each year of membership is related to the pensionable earnings for that year. | A defined benefit pension scheme where the benefit for each year of membership is related to the pensionable earnings for that year. | ||
In some such schemes the benefits may be revalued each year by a formula related to | In some such schemes the benefits may be revalued each year by a formula related to inflation. | ||
Also known as a Career Average Revalued Earnings (CARE) scheme. | |||
A CARE scheme normally provides a pension based on a proportion of average earnings, after adjusting these for inflation, during the whole period of membership of the scheme. | |||
== See also == | == See also == | ||
* [[Defined benefit pension scheme]] | * [[Defined benefit pension scheme]] | ||
* [[Final salary pension scheme]] | * [[Final salary pension scheme]] | ||
* [[ | * [[Inflation]] | ||
[[Category:Manage_risks]] | |||
Latest revision as of 21:32, 9 February 2022
A defined benefit pension scheme where the benefit for each year of membership is related to the pensionable earnings for that year.
In some such schemes the benefits may be revalued each year by a formula related to inflation.
Also known as a Career Average Revalued Earnings (CARE) scheme.
A CARE scheme normally provides a pension based on a proportion of average earnings, after adjusting these for inflation, during the whole period of membership of the scheme.
