Final salary pension
Also known as a ‘defined benefit’ pension, this is a special type of workplace pension which provides a guaranteed income for life – based on your salary at retirement.
Final salary pensions are less common today. Even in the public sector, most schemes now base the pension you’re entitled to in retirement on the average of your career earnings, rather than your final salary.
More on Pensions and retirementPopular terms
Ready-made pension
A simple, low-cost pension where you choose from four AJ Bell fund options.
Money paid in is automatically invested...
Pension builder
The Pension builder fund is AJ Bell’s low-cost standard option, designed to help you invest the money you’ve paid into...
Non-workplace pension
A type of pension that you set up yourself. You control how much you pay in (and when) as well...