Meaning of final salary scheme in English:

final salary scheme

(also final salary pension scheme)

noun

British
  • A company pension scheme in which employees' pension payments are calculated according to their length of service and their salary at the time of retirement.

    ‘However, he has no plans to campaign for MPs to lose their lucrative final salary schemes.’
    • ‘Precision engineering firm Renishaw becomes latest firm to close final salary scheme.’
    • ‘Occupational pensions were traditionally based on the principle of a final salary scheme.’
    • ‘According to research recently published by the Association of Consulting Actuaries, only 37 percent of final salary schemes are open to new members.’
    • ‘There was anger over the decision of Network Rail to abandon its final salary scheme for new starters.’
    • ‘There are still over three million workers on final salary schemes.’
    • ‘Back in 1991 nearly six million workers had final salary schemes.’
    • ‘Over 600 workers at Rhodia chemicals company are set to strike to keep their final salary scheme open to new members.’
    • ‘British employers have saved billions by closing final salary schemes.’
    • ‘In Britain workers at the Caparo Group were due to hold a strike in defence of their final salary scheme this week.’
    • ‘The union, which has 73,000 members in Scotland, is increasingly concerned at the number of employers pulling out of final salary schemes.’
    • ‘Abbey National last week became the latest blue-chip firm to scrap its gold-plated final salary scheme.’
    • ‘Some employees, whose careers peak in their mid-40s, may do even better than with a final salary scheme.’
    • ‘The safety net is to be funded entirely from levies on companies running final salary schemes.’
    • ‘There has been a lot of hysteria about pensions, with final salary schemes closing.’
    • ‘In the 12 years to 2000, UK companies saved £ 18 bn by cutting their contributions to final salary schemes.’
    • ‘A substantial number of company bosses predicted they would be forced to abandon final salary schemes in the next five years.’
    • ‘He wants the option of ending final salary schemes examined.’
    • ‘Two thirds of the biggest companies have closed their final salary schemes to future employees.’
    • ‘Last year 7,500 Network Rail workers successfully defended their final salary scheme by threatening strike action.’