On the issue of management costs, there was quite a lot of study in Ontario by the expert panel. When they were looking at the publicly managed funds, such as the CPP, OMERS, or more recently the teachers' fund, they found that they had very low costs, and on top of that, they did not have a profit layer.
While it is true that all investment management executives will probably charge the same, whether they're working for a private plan or a public plan, that extra profit level is something that's going to add to the cost, ultimately, and it will erode your savings.