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Profit, employment and pension income / earned income. Earned income consists of income chargeable under the Income Tax (Earnings and Pensions) Act 2003, such as pay, private and occupational pensions, retirement annuities, state retirement pensions and taxable social security income.
But the income you ultimately receive from your pension is a guaranteed, pre-agreed amount. This is why they are called 'defined benefit' pensions. There are two types of defined benefit pension. 1  Final salary schemes are based on how much you're paid when you finally retire. Your final salary when you retire is Â£30,000. 2  You've worked at your company for 40 years. 3  Your company uses an accrual rate of 1/60th. 4  Your annual pension would be Â£20,000 (40 (years) x 1/60th (accrual) x Â£30,000 (final salary).