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Accrual rate is the speed at which pension benefits accrue within a defined benefit occupational pension scheme for each year in service. It is usually expressed as a fraction of final salary (final remuneration), e.g. 1/60, 1/80.
Members of an Inland Revenue Approved Occupational Pension Scheme who have continuous rights prior to 17th March 1987, may be able to receive benefits accruing (growing) at a rate which exceeds the normal rate of 1/60) for each year of service.
Last Updated: April 2008 © Moneyextra.com
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