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"the risk of prolonged low interest rates"
There is an equal chance of prolonged high interest rates. For example most of the 1970s and 80s balanced by the current low interest rates. 18 to 20%. at the peak.

I have heard this myth several times of how indexing is expensive. A myth. Then bring in how the younger generation is  being abused. Almost anything to divert attention. And as Goebbels showed, repetition works.

I got involved with employer sponsored pensions because people who had no wherewithal to defend themselves were losing mightily. Now I am hoping to save some people from purgatory.