Defined Benefit (DB) or Final Salary Pension Schemes are not very common now. These pensions are usually set up by employers. They work differently from most workplace pensions.
With a DB scheme, the amount you get when you retire is not based on how much you pay in or how your investments perform. Instead, it depends on your scheme’s rules. The main things that decide your pension are your salary and how long you worked for your employer.
The Cushon Master Trust is not a DB or final salary pension. It is a Defined Contribution (DC) scheme. This means the value of your pension depends on how much you and your employer pay in, plus any investment growth over time.