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Scheme design - general - Coggle Diagram
Scheme design - general
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DB schemes
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Contributions are estimates of the amounts to be set aside to meet the cost of the future benefits- costs and contributions are different.
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DC schemes
Contributions are defined but the benefits are dependent on the accumulated value of those contributions
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Taking benefits in the form of cash or using income drawdown arrangement can reduce the risk of unfavourable annuity terms at retirement but introduce other risks