In a defined benefits plan, pension annuities are determined in advance based on the amount of time you have paid into the plan and your salary.
The Native Benefits Plan (NBP) is a Defined benefits Pension Plan adapted primarily to the needs of band councils and other Aboriginal organizations.
The First Nations Public Security Pension Plan (FNPSPP) is a Defined Benefits Pension Plan tailored to the needs of a special clientele in high-risk occupations
In a defined contribution plan, the contribution is fixed. Employer and employee contributions accumulate until the employee retires.