Private retirement accounts in the UK

I heard an interesting story on NPR today that really hit home how risky Bush's agenda is for Social Security reform.

I hadn't previously known that privitization of retirement funds is already being tried in Great Britain and that they are slowly weening themselves off of it. To summarize, people have made bad decisions with their money, and often times find their savings eaten up by private insurance companies due to a general decline in equity. Privitization would also mean micromangement of personal accounts, which requires a lot of time and careful regulation. In short, I think Bush should, as the story concludes, learn from Britain's mistakes and not try to pull a stunt here that we will be regretting later on down the road.