Defined Benefit/Final Salary pensions have been headline news recently due to BHS and Tata Steel. A survey by JLT employee benefit consultants estimated that in May 2016 defined benefit/final salary schemes were in deficit to the tune of £310 billion. This is an increase from the previous year.

Employer sponsored pension plans of all types are a form of deferred payment to help employees financially in their later years. It is important that both deferred (former employees) and active members of all pension schemes are aware of the benefits they may receive, their options and the effect such benefits have on their own financial plans.

The number of those who have built up deferred pension benefits in both public and private pension schemes is sizeable.