Anonymous
I don’t see how globalization is a problem for pension funds.
With a 401k you receive what you put in +/- capital gains/loss. Pensions promise you a return that is independent on what you put in and capital gain/losses. Most pension plans are still promising 8% annual return which is impossible to get in the current financial environment.
Pensions are a Ponzi scheme not too different from SS. As for all the Ponzi schemes, the first to get in and out make money, the rest no so much.