Indeed, but it's been steadily deliberately undermined as the idea that a government has no responsibility to it's citizens except to keep the line going up and trickle down economics took root. It's easy to see how pension funds play into this. They are a tool that ties up millions of people's future and savings into the stock market, providing the financial sector with a huge number of retail investors who can be made to hold the bag for financial crashes. Under this angle, it is not at all surprising that they would end up investing into incredibly risky ventures.
