On paper a well-funded 401k is better. You don't have to worry about the fund collapsing. You're safer against inflation. And your money doesn't disappear when you die. Etc.
12% matching is an insanely good deal for people smart enough to use it well. But you are going to have people who make really bad choices end up in a lurch. So it's a higher-ceiling/lower-floor range of outcomes for each individual.
The only reason why a pension is a preferred bargaining tactic is because it creates a strong principle-agent problem for the business, where management are more than happy using tomorrow’s income to pay for today’s problems.