I agree with the SIC spouter who responded to a Seaville spouter who wants to abolish pensions. Both public and private pensions are financed by employee contributions. It is money the employee puts away with matching funds from the employer. Pensions are often protected, but some pension funds have failed. Pensions are still more secure than personally managed savings, which can be wiped out by any variety of tragedies from illness, or even losses due to natural disasters. To abolish pensions, where they already exist, is foolish.