Definitions for "Defined Contribution Scheme"
See Money Purchase Scheme.
Also known as a money purchase scheme, this is an arrangement in which the benefits due to a member are based on contributions made by the member and/or the organisation, together with any interest/investment returns. The member usually uses the accumulated funds at retirement to purchase an annuity.
Also known as a money purchase scheme - a scheme where the individual member's benefit is determined solely by reference to the contributions paid into the scheme by or on behalf of that member and the investment return earned on those contributions.