Pension systems around the world are facing challenges due to the financial crisis, leading to reforms that reduced funding through private pensions. Studies show that public and private pensions had similar returns and risks during the crisis, raising questions about the effectiveness of recent reforms. Some countries, like Hungary and Poland, abolished private pensions to address the deficit, but both public and private pensions suffered losses due to risky assets. Regulators are now imposing stricter rules on pension funds to prevent risky investments.