Defined benefit vs. Defined contribution pension plans

A defined benefit plan is 'defined' in the sense that the benefit formula is defined and known in advance.

Conversely, for a "defined contribution retirement saving plan", the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance.

Employees usually prefer the defined benefit pension, while employers prefer defined contribution.

Britain's most/least affordable cities

Most affordable cities, including ratio of prices vs wages
1. Londonderry, Northern Ireland, 3.38
2. Lisburn, Northern Ireland, 3.50
3. Belfast, Northern Ireland, 3.67
4. Stirling, Scotland, 3.81
5. Bradford, Yorkshire and the Humber, 3.98
6. Salford, North West, 4.11
7. Glasgow, Scotland, 4.23
8. Lancaster, North, 4.28
9. Hull, Yorkshire and the Humber, 4.32
10. Sunderland, North, 4.43

Least affordable cities
1. Oxford, South East, 9.66
2. Salisbury, South West, 8.57
3. Bath, South West, 8.23
4. Truro, South West, 8.15
5. Winchester, South East, 8.04
6. Brighton and Hove, South East, 7.67
7. Cambridge, East Anglia, 7.55
8. Chichester, South East, 7.44
9. Exeter, South West, 7.25
10. St Albans, South East, 7.09

How much savings do I need if I want to retire at 50?

My qualifying retire age is 67. Since I am embracing the minimalism lifestyle, I assume that I can live on the minimal income that UK government deems for retired people, which is £142.70 a week at the moment. If I wish to retire at 50, I need to have savings for 17 years of living before I reach the qualifying age of 67.

Taking inflation into consideration, I will require about £10,000 a year for 17 years. If I receive £4,164 from rent annually, that leaves £5,836 a year x 17 = £99,212

In conclusion, I will need £100k of savings if I wish to retire at 50.