Fred Cruze joined his employer's defined contribution pension plan when it was first established fifteen years ago. Fred is now just eight years from retirement, at age $60,$ and he is working with his financial planner to assess his retirement savings. For Fred's participation in the company pension plan, which of the following statements is false?

The investment performance of the assets held in Fred's pension plan will directly affect the amount of Fred's pension

Fred's pension provides a specific benefit amount at retirement, regardless of investment performance

Fred must take responsibility for investment decisions related to managing his pension plan assets

While Fred has participated in the company pension plan for fifteen years, there is no guarantee as to his amount of pension income when he retires