Looking back over time, this isn't necessarily true. Before the dot com crash, lots of people in public pension plans wanted to opt out because they thought they'd get better returns in the markets. And keep in mind while pension plan owners do get a guaranteed return for life, drop dead early and beyond a lump sum payment, the money stops; unlike a RIF where it can be a tax-free inheritance for someone. DB pension plans have stability and are attractive, but not for everyone and diligent savers and investors can do better.