However it is important to recall that the people who actually made all the money extracting the wealth got out years before, retiring and/or selling stock. They're bystanders now and probably happy to run the whole operation again.
Although as an aside who these people are who think corporate pensions are a good idea is beyond me. People really should be in charge of their own savings in preference to their employer, expecting some random corporation to cover the cost was always a bit crazy even when it seemed sort-of possible that the system was stable. It is easy to have some sympathy but, as a practical matter, it was never going to work and it isn't a surprise that it didn't.
The arrangement where the _company_ controls the account seems to me to be more of a allowed delay in salary payout, to the benefit of the company, than a retirement account for the employee.
It's a great system.
What happens with contractors in Oz? I know a nurse over there on high hourly rate, and I'm guessing part of the reason is to avoid employer contributions.
Is there a strong push for contractors throughout the Oz economy (not just government)?
For tax and superannuation purposes, they are PAYG employees in non-ongoing positions.