Doesn’t Norway have a huge public pension fund which is invested internationally? Calpers also invests in “global equities”
https://www.calpers.ca.gov/docs/forms-publications/facts-inv...
https://www.calpers.ca.gov/docs/forms-publications/facts-inv...
You are probably talking about Norway's sovereign wealth fund[0] (funded by oil revenues); the actual pension fund is only for government employees and structured almost exactly like any non-government pension fund.
There are of course many financing models that are some combination of the two, but these models have the exact same problem to the degree that they invest in the stock market. Also, there are very few countries in the world that invest their oil surplus as wisely as Norway. Most democracies would just use the funds to hand out election presents to their voters.
[0]: https://en.wikipedia.org/wiki/Government_Pension_Fund_of_Nor...