Open Access
Table 1
Comparison of the basic characteristics of DB, DC and hybrid plans
| Type of plan | Key benefit | Major disadvantage |
|---|---|---|
| DB | Fixed guarantee | Risk is borne by the promoter;Lack of return on excess investments |
| DC | Self-investment of personal accounts;Excess investment returns | Risk is borne by the participants;Inadequate safeguards |
| Hybrid pension | Fixed protection;Excess investment income | Complexity in design, systems, regulation, etc. |
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