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Glossary: D

DBA COVERAGE:

DBA coverage stands for Defense Base Act coverage. Anyone working on contract for the US government or the US military outside of the USA must have DBA coverage. Bellwood Prestbury can help you to arrange it.

DEATH IN SERVICE:

Death of a member of a company pension scheme before their retirement date, while still employed by the company.

DEFINED BENEFIT SCHEME:

A pension scheme that set out the benefits payable to members irrespective of any contributions paid or investment gains made. An example is a final salary pension scheme, where payments are calculated as a proportion of the member's earnings at or near the date of retirement.

DEFINED CONTRIBUTION SCHEME:

A pension plan where the benefits depend on the amount and frequency of contributions paid into the scheme, the investment gain on those contributions, and annuity rates at the time of retirement. The exact amount of pension will not be known until retirement. Also known as a money purchase scheme.

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