A superannuation scheme in which the employer pays a set amount at the end of an employee’s tenure, based on their age, length of service, and average salary during work. This is distinct from an accumulation plan which provides a retirement payout based on investments (superannuation contributions) and investment returns. 

Within this scheme the organisation is responsible for managing the risk and the plan’s investments, and will most likely hire an investment manager to be in charge of this; employees are not eligible to withdraw the funds; they are however eligible to withdraw this benefit as a lifetime annuity.