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Hybrid pension plans offer employees the best features of both defned beneft and defned contribution plans. In this work， we consider the hybrid design offering a defned contribution beneft with a defned beneft guaran-teed minimum underpin. This study applies the contingent claims approach to value the defned contribution beneft with a defned beneft guaranteed minimum underpin. The study shows that entry age， utility function param-eters and the market price of risk each has a signifcant effect on the value of retirement benefts.