Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Defined contribution definition

What does Defined contribution mean? Defined contribution describes pension benefits determined by the value of an individual pot built from contributions paid by, or on behalf of, the member and investment returns, rather than a salary/service formula. In UK legislation these benefits are called money purchase benefits; “defined contribution scheme” is a widely used descriptive label for schemes providing only money purchase benefits. In Ireland, defined contribution is the statutory term under the Pensions Act 1990. DC arrangements are commonly used for auto-enrolment. Key legal features and significance: - Investment and longevity risk sit with the member; outcomes depend on pot size, market conditions,...

Auto-enrolment: certifying defined contribution pension schemes—when and how to certify, alternative quality requirements, certificate content, renewal and Pensions Regulator enforcement

Published by a LexisNexis Pensions expert

Practice notes

FORTHCOMING DEVELOPMENT :

Section 10 of the Finance Act 2022 will raise the normal minimum pension age (NMPA) from 55 to 57 with effect from 6 April 2028, except for members of the firefighters, police and armed forces public service pension schemes.

The Act also permits members of registered pension schemes to access benefits before 57 where, on or before 4 November 2021, they:

already had an unqualified right to take benefits, or
were in the course of a substantive transfer to a scheme that provided an unqualified right to a protected pension age under 57 on or before 4 November 2021.

To make use of this 2028 protection, the scheme rules must have included, as at 11 February 2021, an unqualified right to take scheme benefits before reaching age 57. For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact. When should certification be used?...

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Web page updated on 21/05/2026

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