Given the way state pensions and Social Security are run in fact, the idea of an effective centralized pension scheme can’t be taken for granted. Centralized l

Given the way state pensions and Social Security are run in fact, the idea of an effective centralized pension scheme can’t be taken for granted. Centralized lets you move money as you said, but it leaves a major risk that the whole system is left in a bad state by the central manager. Particularly when they can gain stature by overpromising and leaving office before it’s time to deliver. Doubly so when they look at the investment opportunities as an opportunity to exert political control over the economy at large, like CALPERS currently strives to do.