In 2008 the government of Argentina took over private pensions (another similar article). The government said it was doing this for the citizens' benefit (how nice of them):
Cristina Fernández, president, was expected to announce that she will send a bill to Congress to bring 9.5m private pension contributors, their annual contributions of up to $5bn (€3.8bn, £3bn) and the funds' accumulated $30bn, back into the state agency, Anses, to safeguard their future amid the global financial crisis.Of course the government nearing default and short cash would have nothing to do with stealing people's pensions:
Fears had surfaced in recent months that it
would struggle to meet its total financing needs next year of $21bn, including $11bn-$14bn in upcoming debt maturities, and could be heading for a new default.
Hungary, in 2010, also took over private pensions (if you can't open that article, here is a similar article). The reason?
The assets will be used to pay current public pensions and reduce debt. The move will help Hungary meet a commitment to the EU to reduce its deficit to below 3 per cent of gross domestic product next year.I'm sure the working people of Hungary are thrilled that their private savings were stolen to help pay the pensions of retired Hungarians.