Pensions were popular in the US during the post-War era as a way to attract employees by paying them later in retirement instead of immediately as workers. They also served to keep an employee from taking their skills and knowledge somewhere else by holding back a retirement income depending on years of service.
In some ways, this would seem to be a bad deal for an employee because they had to work somewhere for decades. In reality, it was a sign that they could go into work, do their job and not worry about looking for a new job. Instead, it was business and Wall Street that looked at this “pot of money” they couldn't touch. They savvy public traded company started to end the pension, rob the fund or both.
The creation of 401K funds in the 80's created a self-funded retirement plan where the worker was largely responsible for their “pension.” This system was friendly to Wall Street. Not only could they invest in “lean” companies that didn't have pension funds, they could make money from investing the 401K savings. It also allowed a system where people were easy to fire because you could just hire someone else for more money when you needed them.
It took decades, but we're seeing signs of the result. Employee “loyalty” is fading fast as there is no financial incentive behind it. Employees in higher paying jobs are self-funding and retiring early. That knowledge base is also creating a bidding war where the supply of certain skilled labor was not cultivated and is therefore diminshed. Job hopping is a valid and lucrative strategy. All you have to do is rollover your old 401K.
I see a slow, but growing process where labor of any skill level is going to be in greater demand as people see work as a necessary evil and those who have the means won't continue to participate much longer than they have to. Business being business means that some companies will shut down before they offer the pay and benefits to acquire the vital resource of good labor. I don't know if pensions will come back, but workers won't stay for a pizza party.