It seems clear, though, that Americans have won more responsibility for their retirement portfolios as firms switch from defined-benefit pension plans to defined-contribution plans.

ECONOMIST: Ageing America

That number includes both defined benefit pension plans and contribution plans like 401(k)s.

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Companies have also, sensibly, been switching from defined-benefit schemes, under which the company bears the risk of maintaining pension payments, to defined-contribution plans, in which the risk lies with individual pensioners.

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As you know, combined contribution means a company puts in so much whereas historically pension plans were defined benefit.

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He attributes this to several factors: the abolition of mandatory retirement in 1986, changes to the government pension that raised benefits for those retiring after 65, and the decline in defined-contribution plans which penalised late retirement in financial terms.

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