This paper provides a comparative analysis of defined contribution (DC) pension systems in Australia, Ireland, the United Kingdom and the United States. There are considerable similarities in the systems which have evolved out of employer sponsored trust-based defined benefit (DB) systems and have expanded at different rates as DB has declined. The plans predominantly offer individual accounts with a choice of funds, with virtually no guarantees of performance and few regulatory restrictions on investment. Most funds are heavily invested in equities, although there is a move in some of the countries to life-styling investments in the run-up to retirement. The paper finds notable contrasts between fiduciary requirements, the regulation of transparency and charges and the approach to the pay-out phase, which raise some important public policy questions.