Defined benefit plans are a type of retirement plan that guarantees a specific monthly income to participants upon retirement. These plans often feature an employer's guarantee to pay a defined amount based on factors such as the employee's salary history and years service. Employers fund the plan, that manages assets to fulfill the future benefit

Securing your economic future starts with understanding the full potential of pension deductions. A well-structured retirement plan can significantly reduce your income tax, allowing you to grow more wealth over time. This guide will uncover the intricacies of pension deductions, empowering you to make informed choices that maximize your retirement