It’s a globalized world, and corporations are increasingly multinational, with multiple locations and evermore mobile employees. As pension burdens increasingly weigh on public finances, retirement is not only the responsibility of the state, but also of employers. The time has come for a more global HR policy on pensions. Due to their diversity and complexity, pension schemes often have been set up locally, without neither a common bene­fits policy at the group level nor efficient monitoring and cost control by the parent company. This approach, while practical, is not without risks: counterparty risk in case of default by a service provider; reputational risk if the pensions paid out are insufficient; and above all, financial risk if the company must compensate for the inadequacies of local schemes. The transfer of Defined Benefits to Defined Contributions reduces the financial commit­ment burden on companies. Unmonitored DC plans in countries where regulations provide for guaranteed returns (such as the Netherlands, Belgium, and Germany) can transform DC schemes into a new form of DB, as guaranteed rates often remain the responsibility of the sponsor company.