DB pensions were employer sponsored pensions that we based on earnings and length of service. Usually these schemes were designed that you got a deferred 1/60th of your final salary for each year that you worked at the company.
These schemes became very expensive for companies to maintain with the increase longevity and generous retirement age and therefore most schemes started to close to new members in the late 1990's.
Why are clients taking advice on DB pensions:
Lifetime allowance is the maximum a pension can be valued before a levy is applied. Please see below for more detail and to find our if you will be affected.
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