>How about a third rationale, efficiency? SS administrative overhead is less
than 1% of yearly inflows. The typical no-load mutual fund charges around 2%
of _assets_ in fees, which would turn out to somewhere between 20% and 30%
of yearly inflows (if I remember correctly, that's roughly how much the
Chielan finance industry skims off the retiment system there).
>
>Have we got to the point were it is simply not possible to talk about
public sector efficiency?
That's well taken. A public, national system doesn't have to prefund or fool with financial assets, so it is inherently cheaper to run.
MBS