About the first pillar (national pension), Google tells me:
> You are insured for the state pension if you live in the Netherlands and for each year you are a resident you accrue 2% of the state pension. If you have been in the Netherlands for the full 50 years prior to your state pension age, you will receive the full 100%.
Many highly developed countries used to have a second pillar (company-sponsored pensions, either defined benefit or defined contribution), but those are slowly fading away after adopting more neo-liberal economic policies.
Personally, I am OK to privitise/personalise some of your retirement pension risk, but not all of it. Large parts should still be guaranteed by the state. The real problem with privitisation/personalisation of retirement pension risk, most people are much worse than professional investors. Also, a huge portion of your retirement savings are earned in the last 10 years when your invested capital is almost peak. If there is an economic crisis during that decade, you are screwed. Can you imagine being 5-10 years away from retiring in 2007... then 2008 Global Financial Crisis happened? You will definitely need to delay your retirement by 5-10 (more) years. Awful.
Personally, I am OK to privitise/personalise some of your retirement pension risk, but not all of it. Large parts should still be guaranteed by the state. The real problem with privitisation/personalisation of retirement pension risk, most people are much worse than professional investors. Also, a huge portion of your retirement savings are earned in the last 10 years when your invested capital is almost peak. If there is an economic crisis during that decade, you are screwed. Can you imagine being 5-10 years away from retiring in 2007... then 2008 Global Financial Crisis happened? You will definitely need to delay your retirement by 5-10 (more) years. Awful.