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What are Cash Balance benefits?

A “Cash balance” scheme is a form of Defined Benefit/Final Salary pension arrangement where the defined benefit is a lump sum expressed as a formula linked to the members final pensionable salary. The lump sum will be available at retirement to provide benefits for the member and his/her dependents. 

More info - https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm023500