Which is better? Andrew Samwick, professor of economics at Dartmouth College answers it this way:
In truth, this should not really come as a surprise. The amount of retirement income that will come from pensions is determined by workers’ willingness to give up current earnings for current pension contributions, regardless of whether they are making the contributions directly or the employer is (allegedly) contributing for them. If 401(k) plans are proving to be inadequate, it is because we are a nation of inadequate savers, not because we had a great system of DB pensions that we no longer have.
Full article can be found here.