Investment returns of defined-contribution pensions are woefully low
The investment returns of people with defined-contribution pensions are woefully low -- much lower than the returns seen by the managers of defined-benefit schemes. And the difference, to a first approximation, is rents being extracted by the financial-services industry. That's the industry which does all of the educating: so it's unrealistic to assume that it's going to educate people and thereby reduce its own income.
-- Abnormal Tadas Viskanta and FelSalm.