“Secondly, no one should rely on interest for a pension. They should have only quoted contributions and let any interest be an unexpected bonus.”
Ridiculous. Without government manipulation, interest is naturally expected, and an essential part of our whole financial system.
I agree. In a "normal" interest-rate regime i.e.) not manipulated by Central Banks, a reasonably safe return would earn much more - and also, one's savings would not be destroyed by inflation. One could survive on interest earnings.
That certainly used to be the way things were.