Because the economy is cyclical pensions should not be privatized.People should be able to depend on their pension income and there are so many ways for a pension to be compromised if it is in private hands.At least when they are in public hands there is a certain amount of government oversight.
The social security system has worked for many years, so I do not think that pensions should be privatized. Putting money into private accounts would be a horrible idea. The money that people would get back could be much lower than what they would receive from social security. Additionally, many do not know much about investing at all. The risk and costs of private account investing is more of a deterrent to privatizing pensions than any benefits one may receive.