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A defined benefit pension accrues a fraction of final salary for each year of service. With a 1.8% accrual rate, thirty years of service replaces just over half of final pay — the standard measure being the replacement ratio.
Final salary pension
Pension = final salary × accrual rate × years of service
Figures are estimates for planning only. Market returns are not guaranteed, and rates, limits and tax rules change. This is not financial or tax advice — speak to a qualified adviser before acting.
Around 60-70% of final salary is a common target, since work-related costs and savings contributions stop at retirement.
Many schemes index in payment, which is worth a great deal over a long retirement — check the rules of yours.