Why does thinking about retirement system automatically veer towards pensions? And why does private bodies have to dig its heels into these programs (in whatever manner). Individuals should be at liberty to decide on their saving pattern - amounts, timing, risks and returns. You create a inefficient gigantic system like pension and then you suggest that it should be tax efficient, low cost etc. The fact is the aggregate money goes into the pockets of governments to fund wasteful projects. Instead of encouraging private savings through private channels, why do you suggest creating inefficient monoliths? And where is the discussion on current deficit status of pension funds?