> Traditional pension plans should work better than individual retirement investments because they pool participants
I don't see any particular reason why they would. Lots of individuals do much better with their investments than bureaucrats do. Also, there are many "fire and forget" index funds available for those with little investment skill.
Defined contribution plans have been an abject failure.
Quite simply, the guise of individual exceptionalism and the illusion of financial control was used to justify the shift away from pensions, which shareholders took profit from what would’ve been pension contributions, and compounded by stagnant wages, a substantial amount of workers were left with nothing.
I don't see any particular reason why they would. Lots of individuals do much better with their investments than bureaucrats do. Also, there are many "fire and forget" index funds available for those with little investment skill.