I don't particularly think it exposes the country or the pension plans to risk. The pension plan would make an assessment of whether any particular investment is worthwhile based on the fiduciary responsibility that it has to the members of the plan.
In the case of the Canada Pension Plan, for example, it is investing in infrastructure in many places in the world today—Australia and Chile are two that I'm aware of—as well as in Canada, the 407. I would think those pension plans would be making investments where they have a fair degree of certainty as to the security of the underlying asset.