The following article is taken from time magazine’s coverage on the 401(K), the American equivalent of a defined contribution fund.
It was published just after the financial market crisis (2009) and highlights the risks experienced by members of defined contribution funds as opposed to defined benefit funds. There are also some calculations which seem to be correct. Moreover some allusions are made to solutions involving insurance.
It is a bit of a lengthy article but nonetheless interesting. Even the author of the “Rich Dad Series”, Robert T. Kiyosaki who frequently censures 401(k) plans referred to this article: