The whole point of a pension fund is that you can only add money and never take it back.

It doesn't work out if many people try to cash out.

Nevada PERS is one of the worst examples as well, missing it's investment targets over pretty much any period of time you can define.

Because its targets were quite high. CalPERS much higher fees missed its similar assumptions.

Pensions do pay out you know when people retire

Well at least he's not putting it all on black :-) Pensions funds should not blindly put 100% in equity.

Btw I have had a briefing from a trustee of one of the really big UK pension funds and they in no way invest like that.

Given the briefing was under "Chattem House Rules" I cant say who and which major firm got sacked :-)

They have index funds for bonds also.