What Is A Defined Benefit Pension Plan?
Автор: Pension Solutions Canada
Загружено: 2023-09-22
Просмотров: 221
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What does "defined benefit pension" mean? Bruce explains in plain english.
Book a 15-minute consultation call with Bruce at https://pensionsolutionscanada.com
A defined benefit plan promises a specified monthly benefit at retirement. The great thing about defined-benefit pensions is that employers guarantee a very specific retirement benefit amount for each participant in the plan.
The plan is called ‘defined’ because the benefit formula is defined and known in advance. This way you can do the calculation based on their formula and know exactly how much your pension is worth and what you’ll be paid out when you retire.
A defined-benefit pension plan is different from a Defined-Contribution Plan.
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#pension #financialplanning #pensionplan #retirement
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