Since Chile introduced a fully funded, privately managed defined contribution scheme in 1981, some two dozens countries have converted a portion of their pension system to this arrangement.

自从智利在1981年引进了全基金式的、由私营部门管理的固定缴费方案之后，二十多个国家已经把它们的部分养老金方案转变为这种方案。

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Because the cost of such schemes is high, new employees are usually offered defined-contribution (DC) schemes, in which employer contributions are lower and retirement income varies with the markets.

因为这些计划的成本很高，新员工通常适用于固定缴款计划，这种计划雇主缴款较低且退休收入随着市场变化。

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Over the past ten years global assets in DB plans have grown by just 2.9% a year, whereas those in defined-contribution plans have increased by 7.5%, according to a Towers Watson study.

据塔沃森的一项研究，过去十年，养老金固定收益计划的全球资产每年仅增长2.9%，而养老金固定缴款计划的全球资产每年增长了7.5%。

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The truth is that defined contribution plans have been a mess since their inception.

FORBES: An Extreme Makeover Due For Defined Contribution Plans: 401(k), 403(b) and 457s All Under Attack (June 1, 2007)

People with a 'defined contribution' pension can simply hold off on buying an annuity.

BBC: The pensioners who choose to work

Unfortunately, we estimate that well over 90% of defined contribution plans are not operated properly.

FORBES: An Extreme Makeover Due For Defined Contribution Plans: 401(k), 403(b) and 457s All Under Attack (June 1, 2007)