you on the right track.
i can give you the example of publica, the fund of the employees of the federal administration. this is how they compounded peoples’s staches in the recent years. this is representative for all pension funds the middle “altersguthaben” is what they did and “BVG-Mindestzins” is the mandatory minimum, decided upon by some gremium:
versus VT
you are correct to include ahv and income tax, however your also pay the same income tax when you recieve the pensions later, or the kapitalbezugssteuer if you cash out instead.
management fees of publica they claim to have 0.2% which is insignificant compared to the Umverteilung to the current retirees.
you’d have to dig deep into heir geschäftsberict or such. it’s really not transparent. that means, prone for waste, inefficiencies, and consultant expenses.
yes the pesions funds are extremely defensive for a number of reasons. makes lots of sense for 30y olds, of course ^^
On the long term they will never reach what a bogleheads-portfolio can do, and so many people earn their share in this PK industry that returns for the savers are forever bad