Gonzo -
True facts you state, but that does not take away the very important fact that although the mature CAA pension is doing very well, the fund managers have turned down the opportunity to invest at a reduced contribution rate to help ensure that the fund continues to perform.
Unfortunately NATS, with a totally different demographic (pointed out quite rightly by you), and with a much risker portfolio, did the exact opposite!
Also - worth remembering, this financial downturn is cyclical and will end. In the long term, the investments we make now will reap big rewards later... in fact because of the type of investment we use, the reward will be proportionally larger than 'safer' investments.