GPS Pension Scheme

Website Notice

29/06/2011
Proposal from the Nuclear Decommissioning Authority (NDA) to merger the GPS Pension Scheme (GPS) with the Combined Pension Scheme (CNPP)

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What is the difference between Defined Benefit and Defined Contribution?

Defined Benefit
This is sometimes referred to as “final salary”. This means that the level of your benefits depends upon your salary when you retire, leave or die and the length of time you have been a member.
Defined Contribution
This is sometimes referred to as “money purchase”. This means that your contributions, together with those paid by your Employer on your behalf, are paid into an investment account in your name. These contributions are invested. When you retire the value of your investment account is used to buy benefits for you and your dependants.