I don't like defined benefits plans (it's a flawed concept).
No one can guarantee anything.
- If the plan isn't sufficiently funded, you don't get what's promised.
- If the plan is over-funded, management will raid the fund, and it's possible you won't get what's promised.
- If the institution goes into "hard times", you're screwed no matter what (no, you are not protected by regulatory control.)
- No defined benefits plan can promise a guaranteed return as high as a non-guaranteed return from a defined contribution plan (e.g., Warren Buffet says you can't look beyond 5-6% return for a defined benefits plan, compared to 10% in index funds).
- It's a shame that people will defer responsibility to some "parental institution" that really doesn't love you and won't watch out over you as much as you would like to think, all because you don't want to be bothered with taking responsibility for your own future well-being. (It promotes bad habits, betrayal, and ultimate misery.)
Good riddance to pensions. They'll only exist for government employees, because the taxpayer can't hold those programs accountable.