For example, large cap stocks have historically returned about 9% per annum in the U.S., but due to the new market realities, of slow growth, heightened volatility, punctuated by periodic financial crisis, an annual return estimate of 6% to 8% for a large cap stock portfolio might be more realistic.

FORBES: Investors Need To Make Money, Not Beat Benchmarks

Even though protection under either the public or private system is not 100% certain, at least beneficiaries in the private system received periodic reports on their funds and had the ability to seek the best return.

CENTERFORSECURITYPOLICY: Argentinas Kirchner seizes private pension funds