I think that to some extent it's a case of 'who takes the risk' or 'what happens if things don't work out'. Anyway, consider that this is all quite new to us.

I think that to some extent it's a case of 'who takes the risk' or 'what happens if things don't work out'. Anyway, consider that this is all quite new to us. A highly financialized pension setup is not something multiple generations have done and the pension demographics have never really been what they are now, or will be soon. I'm not sure the macroeconomics of that many pensioners, living for 30-40 years on savings... it goes beyond just financial math, or even political-financial math.