This was basically how the first S&L bailout went: S&Ls were long duration risk in the 70s, got wrecked by high rates and inflation, then started losing deposits because they were required to offer low deposit rates.

The “solution” was to relax deposit regulations and also let them make more investments in construction loans and other high-risk stuff. Which worked great for a while, but meant that in the next downturn instead of getting wrecked by rate risk they got destroyed by credit risk.

One point on Norway is that they’re an astonishingly responsible country: they found oil and just socked the money away, which is pretty much unprecedented. So maybe that level of responsibility trickles down to the pension system, too.