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Spartacus I beg to differ. You are merely guessing about what Rodney Benjamin was alluding to, and about the exact context. Defined benefit schemes only provide security in old age if the scheme doesn't go bust before the members reach old age. Many companies in the UK went bust precisely because of the liabilities which they had incurred on their schemes - they were insolvent and could no longer trade. DC schemes require the members to take some responsibility for their old age. They need to appoint qualified pension advisors to advise them. If it looks like their scheme will leave them short of what they need or want in their old age, then the same financial advisors can advise them on savings during the rest of their working lives to address that projected shortfall. They may need to live more frugally now to boost their retirement income. That's what everyone else has to do! No -the members don't have to agree to a change. They are perfectly free to gamble that their jobs won't be amongst the many which would have to be cut in order to make the scheme affordable in its current guise. How many? 15%? 20%? 25%? More? What are their job prospects in the current gloomy Guernsey outlook in the private sector? What income would they be earning then, let alone what future pension contributions would be made on their behalf? I'll leave you to work that one out. Market forces will dictate whether new candidates find the job attractive or not with a CARE scheme. In case you hadn't noticed, there are very few job vacancies around. Many are being laid off. It is going to get worse over the next 2 or 3 years, with no obvious new employment opportunities in the private sector. People will apply for whatever jobs are available. The type of pension scheme available to them will be some way down the list of priorities. Earning a current living will become the priority. Sorry - that is not meant to be alarmist, but I'm afraid its the reality of Guernsey from 2013 to probably 2018. We are in very tough times, and the sooner that everybody grasps this, the better.