[xkde]

Because pensions aren’t portable. They lock you into a particular organization. 401k, stocks, savings accounts, etc, do not. Pensions (in the private sector, public ones are another ball of wax entirely) do not protect you against inflation. You have no control over what they’re invested in (which in some cases, is the pension manager’s retirement). There are much better options available.

[walshemj]

You can move pensions and you can sack the manager and replace them as one of the biggest UK DB ones has done