DB (Defined Benefit)
A pension that promises a guaranteed income in retirement based on your salary and years of service, rather than a pot of money.
DB pensions — also called final salary or career average pensions — guarantee a specific annual income for life, calculated from your pay and how long you were in the scheme. The employer bears the investment risk, not you. The pension is usually inflation-linked and may include a spouse's pension.
DB schemes are now rare in the private sector (expensive for employers to fund) but remain standard in the UK public sector: NHS, teachers, local government, civil service, police, firefighters, and armed forces all run DB schemes. They are generally considered the gold standard of pension provision — most financial advisers strongly recommend never transferring out of a DB scheme.
This calculator provides estimates based on 2025/26 tax rates and is not financial advice. Scottish taxpayers are subject to different income tax rates and bands. The calculations assume your salary is your only source of income and do not account for benefits in kind or other taxable income.
For personalised guidance on your pension contributions, speak to an FCA-regulated financial adviser. You can find one via Unbiased or VouchedFor.