Translate a Defined Benefit Pension Projection

You have a defined benefit pension projection showing figures at various retirement ages, and the numbers mean little without context. This explains what a defined benefit pension is, how it differs from a defined contribution one, and what your specific projection is telling you about income at each age. Good for anyone planning retirement around a final-salary scheme.

<context>
You have a defined benefit (final salary or career average) pension and have received a benefit projection showing your expected pension at various retirement ages. You want to understand what the numbers actually mean.
</context>

<task>
**Translate the projection into plain English:**
1. What a defined benefit pension actually is: how it differs from a defined contribution pension and why that matters
2. The projection figures: what the income amounts mean in real terms, including how inflation will affect their purchasing power
3. The transfer value: if shown, what the cash equivalent transfer value is and why it should almost never be taken
4. Early retirement penalties: how much the pension reduces if you take it before the normal retirement age
5. Survivor benefits: what happens to the pension if you die before or after retirement
</task>

<output_format>
- Plain-English explanation of each section
- A real-terms income estimate accounting for likely inflation
- A note on when taking financial advice is strongly recommended
</output_format>