You'll never guess who was responsible for the biggest pension scandal in the UK: https://en.wikipedia.org/wiki/Robert_Maxwell (yes, father of Ghislaine)

I've seen this story in the Tetris movie, he came off as a terrible businessman who was stealing people's money to save his company from bankruptcy

Pensions used to be great when you had final salary ones.

Unfortunately people stopped smoking.

(the downside of 20th century work on increasing life expectancy is that most of it happens in retirement, making pensions much more expensive)

edit: I have not done the maths, but I would not be surprised to discover that the total average pension paid to someone retiring at age 65 in 2026 was much more than the total average pension paid to someone retiring at age 65 in 1986, while at the same time the weekly amount of the earlier one would be higher. Because the more recent one has to spread the money over more years.

(inflation adjusted as well)

I'd retire later if I got a higher pension rate.

i.e.

Opt to retire at 65, but you get a defined contribution pot

Opt to retire at 70, you get final salary pension.

FWIW, the UK state pension does go up if you defer it: https://www.gov.uk/deferring-state-pension/print

Yeah, but I want 2/3 of my salary when I retire, not £300/week.

Your private pension is only 70 a week?

Yeah that must have sucked tbh

Pensions used to be great when 0.1% expense ratio target date funds were not available.

It makes no sense to give someone else control of your savings in this day and age.

I think it depends on your financial literacy, I know a lot of people who have no idea how to invest their money, you would be surprised how many people would be more comfortable with someone else managing their life savings for them

You are absolutely right to want a pension in addition to just regular savings, because a pension has huge tax benefits. (UK)

Someone choosing to be illiterate and getting scammed out of their money still does not make sense. Life doesn’t get much easier than picking the target date fund with the year you expect to stop working.