> Your future benefits are fixed, regardless of market conditions. Unless the pension can't afford to do so because of a market crash, and declares bankruptcy.

> Your future benefits are fixed, regardless of market conditions. Unless the pension can't afford to do so because of a market crash, and declares bankruptcy. In which case, anyone left holding the bag will be screwed. AFAIK, "defined benefits" are pretty much unavailable to new entrants. The vast majority of national and employer pension schemes are "defined contribution" only. [In the UK...]