See Money Purchase Scheme.
Also known as a money purchase scheme, this is an arrangement in which the benefits due to a member are based on contributions made by the member and/or the organisation, together with any interest/investment returns. The member usually uses the accumulated funds at retirement to purchase an annuity.
Also known as a money purchase scheme - a scheme where the individual member's benefit is determined solely by reference to the contributions paid into the scheme by or on behalf of that member and the investment return earned on those contributions.
another name for a money purchase pension, making clear it is a scheme where no guarantees are made of the level of benefits at retirement, which will depend on the level of contributions, investment returns and other factors.
a pension scheme where only the contributions made by an employer are specified (e.g. at a percentage of an individual's salary) and the final pension entitlement that the individual receives depends entirely on the value of his fund at the date he retires. Money purchase schemes and group personal pensions both fall into this category.
This is where the size of the member 's pension is not decided by the rules of the scheme. The size of the member 's pension will be affected by how much money is put into the pension fund for the member , how much the pension fund has grown, and what annuity rate is available when the member retires. This system is also called a money purchase scheme .
A pension scheme where the benefits are determined by the contributions paid into the scheme and the investment return on those contributions.