Isn't the capitalist system built around this premise? Private companies, and not the state, are responsible for your pensions. People, therefore, become vested in these private pension funds. Some of the largest companies in the world are pension companies, i.e. Black Rock, etc. Productivity must increase yearly to increase your employers' future earnings. Without this projected revenue increase, the stock market will not increase its value. Your future pension income is dependent on the stock market's value.