Private SS accounts in UK : people lost money

http://money.guardian.co.uk/pensions/story/0,6453,1551035,00.html

A story in today's Guardian newspaper about how private pension accounts really work:

It said around £3bn of this money had been taken up by charges, and that a combination of high charges and poor investment performance meant many people would get less than if they had stayed in the state scheme.

I think this should be used as an example when debating the merits of private Social Security accounts.

We tend to forget the experience of people in other countries and repeat their mistakes.