Definition 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.

    • ‘In Britain workers at the Caparo Group were due to hold a strike in defence of their final salary scheme this week.’
    • ‘There was anger over the decision of Network Rail to abandon its final salary scheme for new starters.’
    • ‘There has been a lot of hysteria about pensions, with final salary schemes closing.’
    • ‘A substantial number of company bosses predicted they would be forced to abandon final salary schemes in the next five years.’
    • ‘There are still over three million workers on final salary schemes.’
    • ‘According to research recently published by the Association of Consulting Actuaries, only 37 percent of final salary schemes are open to new members.’
    • ‘Some employees, whose careers peak in their mid-40s, may do even better than with a final salary scheme.’
    • ‘Two thirds of the biggest companies have closed their final salary schemes to future employees.’
    • ‘British employers have saved billions by closing final salary schemes.’
    • ‘Over 600 workers at Rhodia chemicals company are set to strike to keep their final salary scheme open to new members.’
    • ‘Occupational pensions were traditionally based on the principle of a final salary scheme.’
    • ‘The safety net is to be funded entirely from levies on companies running final salary schemes.’
    • ‘Last year 7,500 Network Rail workers successfully defended their final salary scheme by threatening strike action.’
    • ‘He wants the option of ending final salary schemes examined.’
    • ‘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.’
    • ‘The union, which has 73,000 members in Scotland, is increasingly concerned at the number of employers pulling out of final salary schemes.’
    • ‘Back in 1991 nearly six million workers had final salary schemes.’
    • ‘In the 12 years to 2000, UK companies saved £ 18 bn by cutting their contributions to final salary schemes.’
    • ‘Abbey National last week became the latest blue-chip firm to scrap its gold-plated final salary scheme.’