It seems to me that the employer will fund it either way. Maybe I’m misremembering stories of pensions being mismanaged and lost. I think the most important thing is that the employer actually does something to fund a retirement, in my way of thinking the 401k approach puts me in control of the money so I don’t rely on someone else to not fail.
Whether it’s promised bonuses, stocks, or retirement funds, my motto is always “show me the money”, and I’ll believe it when it’s in my hands.
Even before, people would often work later into life. Many people are fucking terrible with money and if spent poorly, you may need a job even with the pension.
Plus there are a bunch of weirdos that don’t have any purpose outside of work, so they voluntarily keep working for some company.