Defined Benefit
Is a type of pension plan in which an employer promises a specified pension payment on retirement that is predetermined by a formula based on the employee’s earnings history, years of service and age. (toegezegd pensioenregeling)
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Defined Contribution
Is a pension plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts plus any investment earnings on the money in the account. A defined contribution plan does not promise a specific amount
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