Introduce a social security instrument similar to 401(k) & Roth IRA

Retirement planning in Europe is often less market-driven. I believe that pensions will need to be adjusted as demographics collapse. Let’s do it the American way, introducing something like 401(k). This would also reverse the risk-averse culture and hopefully get more people educated about personal financing/investing. Moreover, pension funds will be enabled to research and diversify their investments across alternative asset classes. Why no one talk about it?

Are there any member states who have something similar? Although, Norway isn’t a full member state and has access to a vast amount of natural resources, we should take note of the great work they are doing with the Government Pension Fund Global