Their guaranties and payouts in their inaurance-branch are also horrendous and laughable, plagued by nonsensical coverage rules and ridiculous low rates.

Edit: and no, it’s not an insurance company masquerading as a pension fund, the areas are two entirely independent branches they have slowly been merged over time in the name of government efficiency (a.k.a. budget cuts). They also handle student financial support and basically all government financial aid programmes. But again, the cost of these things are entirely separate from the pension fund and how that is managed, it’s not the same pool of money.