Owen McGee

speaker

1,739 appearances 11 recordings 2 series first heard May 2026 last heard yesterday

Owen McGee’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 11 in all, peaking in Sep 2026 with 3.

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Today with David McCullagh · Eoin McGee answers your money questions · 22 Sep 2026 podcast

Owen. voice-verified

Good voice-verified

Okay, so if it's a large multinational, what I would say is it's a possibility that there's two types of pension scheme going on here. voice-verified

And I was going to ask you a question, Eddie. voice-verified

Have you ever heard anyone talking in work about a defined benefit pension scheme versus a defined contribution pension scheme? voice-verified

Do those words mean anything to you? voice-verified

they mean exactly. voice-verified

So a defined benefit pension scheme is basically, some people would consider it the Rolls-Royce of pensions. voice-verified

There's very few of them left in the private sector anymore. voice-verified

But basically what it is, is it's that if you give 40 years of service or 30 years of service to your employer, they're giving you a promise of a certain income in retirement that's related to your final salary. voice-verified

So... voice-verified

you might end up with 50% of your final salary as the promise that they're going to give you when you retire. voice-verified

So they're defining the benefit you're going to get out. voice-verified

A defined contribution is the opposite. voice-verified

They're just defining what they're putting in, the contribution they're putting in and whatever the pot grows to and whatever pension that buys you when you retire, voice-verified

So be it. voice-verified

That's how it works. voice-verified

Now, what the confusion might be coming for you is there's two things that could be happening here. voice-verified

If you have what's called a defined and the fact that you even knew the word, but you weren't sure what it was, would suggest that maybe you're part of a defined benefit scheme and work. voice-verified

The defined benefit is locked in. voice-verified

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