This is incorrect, most public pensions are not funded by investments, and the benefits are paid for out of general taxation, not an underlying investment fund. The two you mention are the only large public pension funds that are funded.I presume you meant to say that is correct there, since you then go on to acknowledge that what I said was correct! I never argued that all, or even the majority, of public service pensions were funded, but I was trying to correct the widely held misconception that none are, and which many extend to a false assumption of them all being non contributary as well.Peter
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