Hybrid Pension Schemes
These are occupational pension schemes which offer a mixture of defined benefit and defined contribution pension rights, the Unilever UK Pension Fund being an example of this.
It will usually be the case that the scheme offers pension benefits relating to a member’s pay and period of pensionable service until a certain “changeover” date. For pensionable service after that date, benefits will not be accrued by a formula, rather they will be related to the fund built up from employer and employee pension contributions and accumulated investment returns over the period from the “changeover date” to the eventual date of retirement.