I've always though that private pension funds not guaranteed by the state were a scam, a Ponzi scheme much like Madoff's... but, well, when private retirement plans were promoted all around, it was also when Madoff was a respectable (???) businessman, even heading the Dow Jones.
Finally they are beginning to collapse. And where else can that happen first but in aged Japan, whose economic solidity was already vanishing in the last decades and has finally been shattered to the ground by the Fukushima catastrophe.
A major private retirement speculation company AIJ Investment Advisors had to apologize in Parliament after losing $1.3 billion in pension money. The loss does not just affect pensioners or would be retirees but also the business that got them involved in these schemes.
Source: Yahoo! news.