A pension is easier for people who are bad at money. You get your allowance doled out and then spend retirement complaining about prices and the economy.
On paper a well-funded 401k is better. You don't have to worry about the fund collapsing. You're safer against inflation. And your money doesn't disappear when you die. Etc.
12% matching is an insanely good deal for people smart enough to use it well. But you are going to have people who make really bad choices end up in a lurch. So it's a higher-ceiling/lower-floor range of outcomes for each individual.
On paper a well-funded 401k is better. You don't have to worry about the fund collapsing. You're safer against inflation. And your money doesn't disappear when you die. Etc.
12% matching is an insanely good deal for people smart enough to use it well. But you are going to have people who make really bad choices end up in a lurch. So it's a higher-ceiling/lower-floor range of outcomes for each individual.