A pension is a promise about your old age, and the whole story is about who keeps the promise when markets misbehave. Two designs split the world. A defined benefit (DB) scheme promises an *outcome*: a guaranteed income for life, usually a fraction of your salary for each year worked (for example 1/60th of final or career-average pay per year). A defined contribution (DC) scheme promises only an *input*: a set amount paid in each month. What comes out at the end depends entirely on investment returns and how long you live.