What is a Defined Benefit Pension?
A known pension promise
Where the regular amount you receive in retirement is defined by your salary and how many years you worked for the company who runs the pension scheme (these are often called final salary schemes).
The other main type of pension is a defined contribution scheme which is like a piggy bank. You and your employer make contributions over time, saving for your retirement. The pension scheme will invest those savings. When you decide to retire what you receive is a pot of money based on the contributions made and the investment return received.