They all have short term interests, since the people doing the investing aren’t going to be around for the whole ride. In theory, defined benefit pensions are great, but in practice I haven’t seen any evidence that they have sufficiently superior performance to make up for the possibilities of bad investments, corruption, etc.
That is atypical from what I see in the US. In the US, if the pension fund is doing well, that means the politicians offer the government employees unions better benefits, and so all the union members vote for them and since not enough other taxpayers vote against them, we just end up with inflated benefits.
