To the crimes mentioned in the WSJ, please add this one: The UK Government is administrator of the pension funds, and collects pension money during the year. Once a year it directs the collected monies to the intended pension. In the meantime, it gets the float.
Robert Ball mentions this one in his book _Straight Talk_ in the section on administrative problems with individual accounts, exerpted at http://www.tcf.org/Publications/Social_Security/Straight_Talk/Partial_privatization.html