What's inefficient about pensions? Pension funds can also participate in a wider variety of investments than individual 401k holders. Employer funded 401ks (at

What's inefficient about pensions? Pension funds can also participate in a wider variety of investments than individual 401k holders. Employer funded 401ks (at least in Canada) are also a free payday for fund managers since they can charge a premium over "normal" funds and the investor is a captive audience since they can't move their investments elsewhere until they change jobs.