The question is who is managing the pension. Defined contributions can be a really bad deal if you can't control who is managing the money.
The other major problem with contribution is you don't know when you will die. If I'm going to die at 65 like some relatives I should retire at 50, but if I'm to live to 97 in great health like others I should wait a few more years. (family history says my expected lifespan is about 80, but it follows a statistical curve ranging between 65 and 95 - just like nearly everyone else in a "first world" country). I want a system that acounts for how long I will live and my health and ensures I have plenty of money - group pensions should be really good at that.
The other major problem with contribution is you don't know when you will die. If I'm going to die at 65 like some relatives I should retire at 50, but if I'm to live to 97 in great health like others I should wait a few more years. (family history says my expected lifespan is about 80, but it follows a statistical curve ranging between 65 and 95 - just like nearly everyone else in a "first world" country). I want a system that acounts for how long I will live and my health and ensures I have plenty of money - group pensions should be really good at that.