The pension fund managers are stuck between a rock and a hard place. States underfund pensions while state employees keep demanding ever larger retirement benefits. So as a result they have to seek insane returns on their portfolios.
Yup. And eventually it ends in tears, because they fail to hit their ridiculous return targets and the pension ends up massively underfunded. But of course at that point, the politicians are either gone, or just blame the fund for failing to hit targets.
