> Fair enough, but we also know that an index fund beats "professional investment managers" over any reasonable time horizon. OK, now couple that with a manda

> Fair enough, but we also know that an index fund beats "professional investment managers" over any reasonable time horizon. OK, now couple that with a mandatory contribution + defined benefit calculated by actuaries and you've got a pension except now everyone knows exactly what they're going to retire with and can plan accordingly and, BONUS, they can still contribute into self-managed retirement accounts if they wish to. Pensions provide socioeconomic stability and predictability in a way that a 401k never can.