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Defined Benefits Scheme

The Defined Benefits Scheme (‘DBS’) enables employers to provide pensions for staff based on pensionable service and final pensionable salary, i.e. a ‘final salary’ pension scheme.

The DBS has a unique way of providing these benefits which means that even relatively small employers can establish final salary arrangements.

The benefits to be provided include:

  • a pension at retirement
  • the option of exchanging some pension at retirement for a tax free cash sum
  • a death in service lump sum
  • a spouse’s pension payable on death.

Employers also have the option to provide enhanced pensions in the event of ill-health early retirement or for the spouse of a member who dies in service.

The benefits to be provided are subject to agreement between the employer and the Pensions Department of the Board.  This process includes the provision of actuarial advice by the Board’s appointed actuary to help determine appropriate contribution rates.

The Board can also consider the transfer of existing defined benefit schemes to the DBS section of CWPF.  Again this would be subject to agreement between the Pensions Department and the employer and the completion of a satisfactory actuarial investigation.

For further details or information, please Contact the Pensions Department.