Alice has been in a defined-contribution pension scheme since she was 35 and will retire in one years time at age 66. Her salary is currently 55,000. Throughout her enrolment in the scheme, she has paid in 8% of salary, and this has been topped up by employer contributions and tax relief worth 4% of salary. She will also qualify for a state pension of 9,000 per year.

1.5 Comment on the certainty or otherwise over the size of Alices pension, when she reaches retirement age, if her pension scheme had been defined-benefit instead of defined-contribution? (3 marks)