Hi, One of the ways to reduce employer contribution is written as- "Switch from final salary to a defined contribution scheme or set up a hybrid of defined contributions and final salary" I want to understand what is difference between final salary and defined contribution? Also under DC- both employer and employee contribute, right?
Hi Komal, The two main types of scheme are DC and DB (defined contribution and defined benefit), and then hybrid is a mixture of both. You can find more information in the course notes, Chapter 5, Section 1. Thanks Aman ActEd Tutor
