Or you know you could setup a pension system where this hardly happens if at all by ringfencing the funds, allowing limited risk exposure and making sure the plans are well-funded. Countries in Western Europe indeed have managed to do this.
As an example, the Dutch "pension fund for government and education" aims to have 128% coverage. They still haven't fully recovered from the 2008 crisis, because they currently still have only 102,5% coverage.
Modern Western European pension systems are largely post-WW2 so haven't been around that long. Sure based on performance so far, there are fair reasons to think you'll be able to extract a liveable pension in say 2050, but it's not really guaranteed.
Having a pension is not in any way, shape, or form an excuse to not have private retirement savings. Other people can and do routinely decide to render pensions worthless, and there's nothing you can do about it.
If you aren't the sole signer on the account where it's held, the money isn't yours. If anyone has the ability to pilfer it for their own purposes, they will, and you should act accordingly.
Accepting a pension in lieu of additional income is a staggeringly bad idea that no one should ever under any circumstances dream of considering. You wouldn't accept salary in a way that can be retroactively withdrawn, you shouldn't accept retirement savings that way either. As long as we live in a world where Republicans are allowed to exist, trusting a government to pay you is phenomenally stupid.
It's extremely good news that the US has mostly discarded the idea of giving out pensions.