Another Failed Social Security Privatization Experiment

Not that anyone outside of The American Prospect is talking about Britain's failed Social Security privatization experiment, but the NYT has a piece today on a similar failure in Chile under Pinochet. The last two paragraphs are telling:

...There is now even an Association of People With Pension Damage, 157,000 members and growing, that consists of Chileans, mostly former government employees, who find that their pensions, based on contributions to the private system, are significantly less than if they had remained in the old system.

"They come to us in desperation," said Yasmir Fariña, the group's president, "because those who stayed in the government system are often retiring with monthly pensions twice as large as everyone else's."

(Link from Joshua Marshall.)