Many banks and other financial institutions have recently developed strategies to enter, or grow in, the pension market by building their defined contribution business. This product line is, in fact, generating impressive growth rates, but multiple challenges exist both for new entrants and established players.

In 1983, defined benefit plans accounted for more than 46% of the pension market, while defined contribution plans totaled 23% and government plans accounted for the remainder. In 1992, defined contribution plans and defined benefit plans each had 34%, with the remainder government-related.

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