Meanings of db schemes in English

The reality however is that the guarantees offered by DB schemes are not necessarily watertight.

Employers who sponsor DB schemes must give 12 months' notice of their intention to cease contributions.

Meanwhile, 39 per cent of closed DB schemes had removed future service accrual for existing active members.

Some 39 per cent of closed DB schemes have removed future service accrual for existing active members.

- The manufacturing industry is the sector with the most DB schemes.

Benefits under these DB schemes are pre-determined using a formula based on salary and duration of employment.

Contributions It's easy to see why employers have begun to forgo DB schemes in favour of DC offerings.

And even where DB schemes limp on, they are often under-funded -a risk that the chosen few want to avoid.

Many private DB schemes have been wound up, reorganised (with benefits cut and contributions raised) or closed to new members.

Unlike DB schemes, the assets in the fund are ringfenced, which means that even if the company collapses, your pension funds are safe.

According to McInerney, those lucky enough to be in fully funded private-sector DB schemes can find it's the only reason to stay in employment.

According to figures from the Irish Association of Pension Funds (IAPF) just 11 per cent of DB schemes are taking on new entrants.

While there are still 677 DB schemes in existence, only 11 per cent of those schemes are still open to new members.

The number of schemes in deficit increased to 5,080 - accounting for 80.4 percent of the total DB schemes in the PPF.