Your mistake is trying to connect CPP investment returns to the returns that your average Canadian receives in exchange for the CPP premiums contributed via payroll taxes.

I have no doubt that the CPP fund will perform very well over the long term.  I also have no doubt that my own investments will perform very well over the long term.

Where I have my doubts is around the management of the flow of cash into and out of CPP.

It is all well and good to talk up protecting Canadians in retirement - it is quite another to deliver on those ideas.  

The mere fact that past governments failed to adequately manage the plan to account for the needs of the baby boom generation is a big part of why later generations have been tapped for constant escalations in rate.