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Defined Contribution Pension Plan

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PPGPortal > Home > Concept Dictionary > D, E > Defined Contribution Pension Plan
 

Defined Contribution Pension Plan

In a defined contribution pension plan, the amount of the contributions is set in advance. 

(Clark. Ian D., Greg Moran, Michael Skolnik and David Trick. 2009. Academic Transformation: The Forces Reshaping Higher Education in Ontario. Montreal; Kingston ON: McGill-Queen’s University Press.)

 

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The amount of the eventual retirement income is not set in advance. A member's retirement income will depend on several factors, including the total amount accumulated in his or her account: the member's contributions, if any, the employer's contributions, sums transferred to the member's account, if any and interest earned.

     

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