Defined Benefit (DB) or Final Salary pension schemes are less common these days. These are typically set up by employers, but differ from most workplace pensions in very important ways.

Unlike contribution-based pensions, the amount you'll receive from these DB schemes isn't based on how much you've paid in or how your investments perform. Instead, it's determined by the rules of your specific pension scheme. Factors like your salary and how long you've been with your employer usually come into play.

The Cushon Master Trust, for example, isn't a 'final salary' or 'career average' pension scheme. We operate a defined contribution (DC) scheme.

Want to learn more? Just head over to https://www.gov.uk/pension-types