The fundamental difference is between defined benefit (pension scheme) and defined contribution (super). The latter *is* thought of as an entitlement, but the separate accounting makes that closer to the truth? Ofc, poor overall economic performance will hurt super (in Australia, this means if property prices ever go down, we're screwed). I suspect the govt will raid the outliers during some crisis ("who needs $10m of super?" they will cry) probably using exit taxation. This political risk from here to my retirement is significant, which is why I've never topped up mine.