Defined Benefits

A defined benefit pension, often referred to as a final salary pension, is a workplace pension where, instead of accruing a pension pot over time, it provides you with a fixed annual income for life. This is typically based on your average or final salary.

How do Defined Benefit and Final Salary Pensions work?

If you are fortunate enough to have one, defined benefit pensions are the most attractive pension arrangement as they offer a guaranteed level of income which will increase each year. Due to the introduction of pensions freedoms, they are unlikely to offer the same flexibility as other pension schemes. For example, you are unable to vary the income you receive or, in some cases, withdraw larger lump sums should you wish to do so. One further drawback is that a defined benefit pension cannot be inherited by your chosen beneficiaries. Should you die prematurely most of the benefits will be lost and nothing will be passed to your children.

As a result of increasing pension freedoms, there are now some options available for those with defined benefit pensions. As this is a very complex area, it is imperative that financial advice is sought.

Committed to your objectives

At Cooper Associates Wealth Management, we work with a number of employers, operating in a variety of sectors and of varying sizes.

Our financial consultants work closely with employers to ensure they are fully aware of the requirements presented by auto-enrolment, ensuring they comply with the latest legislation.
We will work with you to provide a thorough understanding of the process required, with the goal of making the process as smooth as possible, allowing you to focus on running your business.

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When dealing with Cooper Associates Wealth Management, I received expert advice with the most professional service. They are the epitome of a firm that puts its clients first.

Marcus Trescothick, Former England & Somerset Professional Cricketer

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Bristol BS32 4UB


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T. 01392 345 544

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Exeter EX1 1UG


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30 Lombard St,


T. 01752 746 848

4th Floor, Salt Quay House,
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Sutton Harbour,
Plymouth PL4 0HP


T. 0118 207 9319

1210 Arlington Business Park,
Reading RG7 4TY