Please compare apples with apples.
CPF is YOUR very own money helped kept out of your reach by the gahmen.
Pension is a payment from the gahmen welfare system.
I am comparing apples with apples.
Be it CPF or pension, that crux of the issue is money for your old age. Both CPF and pension are long-term plans for your retirement needs.
CPF is long term savings of your own money, pension is basically a huge pot of money that old people dip into monthly till they die.
People can screw up their CPF by overspending on housing loan. People's pensions can get screwed up when the company and country goes broke, leaving pensioners with nothing.
CPF can work very well if you save early and a lot, since the compound interest works in your favour. Pension can work very well for you if you are low to mid income earner with little personal savings over a lifetime, as long as the money in the system doesn't run out before you die.