Final salary and career average pensions

A defined benefit pension is a promised income rather than a pot of money. You give Landfall the yearly amount it pays, the age it pays out from and whether you are still earning it. It is paid as taxable income from that age. The DB pension summary card and DB pensions tab show what it pays each year. How the stretches meet, in more detail.

You say how the pension rises in up to three stretches:

• While you are still in the scheme, often rising faster for its own members.
• After you leave, before it pays out.
• Once it is being paid.

A stretch left blank takes the next stretch’s rate, and the form names it. A scheme that rises one way throughout needs only the last answer.

Two more questions follow, and most pensions answer no to both. If you are still earning it, you give what a year of work adds, in pounds. Your statement shows it, and Landfall adds it each year until you leave the scheme. Landfall does not ask for pensionable pay, because the yearly amount you enter already takes it into account and rises with your pay. A lump sum can be paid when the pension pays out, as a multiple of the pension or a set amount, and you choose the kind of pot it goes to first.