A retirement fund which provides a benefit on retirement which is determined on the basis of the accumulated contributions made to the fund by the member (and/or the member’s employer) increased by returns earned on the investment of those contributions less deductions made from those contributions to meet the costs of running the fund and providing for death and disability benefits. The rates at which the member and employer contribute to the fund are fixed or defined as a percentage of the member’s remuneration and the member carries the risks and rewards of the fund’s investment performance.