Pension 100 - Final salary or defined benefit schemes

FINAL SALARY SCHEMES

FINAL salary schemes are known by a number of names including salary based, defined benefit or superannuation pensions.

Recent figures from the TUC show there are 1.8million fewer workers in these popular schemes than there were ten years ago. The reason is that these pensions - considered the best for workers are being closed to new entrants by many companies because of new accounting rules. If you are in one of these schemes you should feel lucky and if your employer has one and you are not in it you should get in as soon as possible.

The risk that there is enough money to pay you at retirement rests with your employer under this scheme and you'll have a good idea how much pension to expect.

WHO NEEDS IT: If you have an option to get into one of these schemes grab it now!

The tables show the Pension you can earn - all payments are Weekly

Final Salary Schemes
Women Manual Workers
EntryAge	Annual Earnings
EntryAge	£10,000	£20,000	£30,000	£40,000	£80,000
20	£96	£192	£288	£384	£768
30	£72	£144	£216	£288	£576
40	£48	£96	£144	£192	£384
50	£24	£48	£72	£96	£192
Manual workers tend to get 1/80th of annual salary

Men Manual Workers
EntryAge	Annual Earnings
EntryAge	£10,000	£20,000	£30,000	£40,000	£80,000
20	£108	£216	£324	£432	£864
30	£84	£168	£252	£336	£672
40	£60	£120	£180	£240	£480
50	£36	£72	£108	£144	£288
Manual workers tend to get 1/80th of annual salary

Women Office Workers
EntryAge	Annual Earnings
EntryAge	£10,000	£20,000	£30,000	£40,000	£80,000
20	£128	£256	£384	£512	£1,024
30	£96	£192	£288	£384	£768
40	£64	£128	£192	£256	£512
50	£32	£64	£96	£128	£256
Office Workers tend to get 1/60th of annual salary

Men Office Workers
EntryAge	Annual Earnings
EntryAge	£10,000	£20,000	£30,000	£40,000	£80,000
20	£128	£256	£384	£512	£1,024
30	£112	£224	£336	£448	£896
40	£80	£160	£240	£320	£640
50	£48	£96	£144	£192	£384
Office Workers tend to get 1/60th of annual salary

The tables also show the different payouts for men and women, and for office and manual workers. Obviously they don't cover every calculation but they provide a basic guide to what's on offer from different schemes.

The figures are in today's money and don't take account of future inflation. With thanks to the Sun - (Personal Finance Editor), Legal & General, the Prudential and the Annuity Bureau.

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