In a defined benefit/salary-related pension scheme, this is the rate at which pension benefits build up for each member. You will get a certain amount for each year of pensionable service. It is usually expressed as a fraction (e.g. 1/60th) or a percentage (e.g. 1.67%). In a final salary scheme, you would get 1/60th of your final salary for each year of pensionable service as your first year's pension.
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