Pensions give you little control over what happens with your money until you retire. Additionally, you’ll typically be unable to touch it before your career ends. And, if you leave your company before it vests, you could lose some or all of your withheld money. This differs from a 401(k) which allows you much more control over your funds and investments. You also get to decide how much you contribute each year (up to the IRS limits). However, you also won’t receive a guaranteed income for the rest of your life. In that way, the two balance out a bit.