From the third quarter of 2019 to the third quarter of 2023, the highest level of benefits made to pension funds in the United Kingdom (UK) came from the defined benefits and hybrid (DBH) scheme of the private sector. This same scheme type mirrored in the public sector added less than half the total value of benefits.
Total benefits made to pension funds in the United Kingdom from Q3 2019 to Q3 2023, by scheme type
(in million GBP)
Defined benefit plans are protected, within certain limitations, by federal insurance provided through the Pension Benefit Guaranty Corporation (PBGC). This is different from a defined contribution plan which does not promise a specific amount of benefits at retirement. A hybrid pension scheme is one which is neither a fully defined benefit (DB) scheme or a fully defined contribution (DC).Defined benefit and hybrid (DBH) is the combination of both.
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Office for National Statistics (UK). (March 21, 2024). Total benefits made to pension funds in the United Kingdom from Q3 2019 to Q3 2023, by scheme type (in million GBP) [Graph]. In Statista. Retrieved September 20, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1403586/total-benefits-made-to-pension-funds-in-the-uk-by-scheme-type/
Office for National Statistics (UK). "Total benefits made to pension funds in the United Kingdom from Q3 2019 to Q3 2023, by scheme type (in million GBP)." Chart. March 21, 2024. Statista. Accessed September 20, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1403586/total-benefits-made-to-pension-funds-in-the-uk-by-scheme-type/
Office for National Statistics (UK). (2024). Total benefits made to pension funds in the United Kingdom from Q3 2019 to Q3 2023, by scheme type (in million GBP). Statista. Statista Inc.. Accessed: September 20, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1403586/total-benefits-made-to-pension-funds-in-the-uk-by-scheme-type/
Office for National Statistics (UK). "Total Benefits Made to Pension Funds in The United Kingdom from Q3 2019 to Q3 2023, by Scheme Type (in Million Gbp)." Statista, Statista Inc., 21 Mar 2024, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1403586/total-benefits-made-to-pension-funds-in-the-uk-by-scheme-type/
Office for National Statistics (UK), Total benefits made to pension funds in the United Kingdom from Q3 2019 to Q3 2023, by scheme type (in million GBP) Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1403586/total-benefits-made-to-pension-funds-in-the-uk-by-scheme-type/ (last visited September 20, 2024)
Total benefits made to pension funds in the United Kingdom from Q3 2019 to Q3 2023, by scheme type (in million GBP) [Graph], Office for National Statistics (UK), March 21, 2024. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1403586/total-benefits-made-to-pension-funds-in-the-uk-by-scheme-type/
