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The difference between Defined Benefit and Defined Contribution Pension Plans The CAAT Pension Plan is a defined benefit pension plan, or DB plan Only about 1 in 6 Canadians have a DB pension The other kind of pension plan you may have heard of is Defined Contribution, or DC plan In these plans each member contributes to an individual account And they are responsible for investing the money, and typically any associated fees. Group RSPs are similar to this With a DB plan, members can depend on a secure, predictable retirement income, with a lifetime pension based on a formula Contributions go into one fund, and are professionally invested and managed This fund is used to pay pensions to all Plan members What happens in retirement? A DC plan members retirement income is based on whatever they earned from their investments If the markets should drop, these members may not be able to retire when they want to Even worse, theres a chance that they could outlive their retirement savings M