Defined Benefit pension plans are retirement savings with an employer where the employer takes a portion of your pay in exchange for promising to pay a monthly amount after you retire until your death. The payout is determined by factors such as your salary, how long you have worked for them, and your age. The risks of investment lie solely with the employer and the financial health of the employer affects how much they are about to pay.
Alternatively, with Defined Contribution pension plans, your employer contributes a set amount to an investment account you control. The payout is determined by how much is contributed over your life time and how well the investments you selected perform.