pension

(redirected from Final Salary Pension)
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pension

(1) A regular payment plan intended to provide a person who retired from a job with a secure income for life.
(2) A monthly payment from a pension.
References in periodicals archive ?
A whole supplement could be devoted to the reasons behind the demise of final salary pension schemes, but it essentially comes down to a combination of cost and red tape.
Starting salary: from pounds 11,389 Final salary pension fund closed to new staff
Our members should not have to use any of their pay to get independent financial advice because the company no longer provides a final salary pension.
The union said it feared Ford's move could lead to the ultimate closure of the company's final salary pension scheme for all staff.
5bn euros, this is a company that can well afford a final salary pension scheme.
It closed its final salary pension to new members in 2008 but yesterday's announcement means it will also close to existing members.
The news comes the day after former Labour Cabinet minister Lord Hutton called for an end to final salary pension schemes for public sector workers.
It is also proposing, subject to consultation, that from April 1 to replace it current final salary pension scheme with a non-contributory career average salary, defined benefit scheme.
Summary: Fujitsu is facing the threat of strikes over plans to close its main final salary pension scheme and impose a pay freeze.
Computer giant IBM yesterday announced plans to close its final salary pension scheme to existing UK members in a move affecting about 5,000 staff.
But he revealed last month that the firm would shut its final salary pension scheme to new and existing members from April 6.
Brewing giant Scottish & Newcastle has announced members of its final salary pension will have to contribute money to the scheme for the first time.

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