Every day for us is as if we are at war
For the managers of the pension funds every day is as if we are at war. We fight for every percentage point of yield. We should be blind to deny that we were hit hard by the crisis but on the other hand we should not be utterly negative. The truth may be somewhere in the middle. People who have been in the pension insurance system for a long time have by no means lost their money. Their yield has dropped away a little but that will be compensated in the following years. For the new pension fund members the things are a little bit different but they have many years ahead to recover their money and to multiply it. No one should worry; the pension system is so designed that the impact of any shock or crisis will be eliminated in the long run.