Definitions for "Defined benefit fund"
This type of fund is based not on the contributions, but on the promise of a defined benefit, or pension, to be paid to you after retirement. When you leave the service of your employer before retirement age, you will only receive part of the accrued money in the fund. At retirement you will receive a monthly pension in stead of being paid out the full amount, although you may take up to one third of the value in cash.
a superannuation fund which defines a member's retirement benefit as a multiple of their salary. The multiple is usually based on the member's period of fund membership and is not directly linked to contributions made over the period of membership. PSS and CSS are defined benefit funds.
a superannuation fund which defines the member's retirement benefit as a multiple of their salary. The multiple is usually based on the member's period of service and is not linked to contributions made over the period of employment. The opposite to a defined contribution or accumulation fund.