getting to 5-6% returns isn't super difficult for a pension, getting that extra 1-2% is bloody hard and requires some risk given that you can't just put cash in

getting to 5-6% returns isn't super difficult for a pension, getting that extra 1-2% is bloody hard and requires some risk given that you can't just put cash in treasuries and get a 8% payout like you could in the 70s and 80s. You really can't have the whole market go into passive investments - it'll just cause a large amount of volatility given that market movements will be based on a shrinking number of fund managers.