No such thing as Risk-Free

I will never deal with anyone who claims something to be risk-free.
Be it investing in a business, stock, buying an insurance plan...
Be it a property, a bond; be it government based retirement funds like CPF in Singapore, EPF in Malaysia...

Anyone who claims Zero risk is simply not prudent enough.

Let's take a look at the seemingly safest example above, the government based retirement funds; you have been putting money into it, it's paying interest each year, and you are expecting x sum of savings when it's time for you to retire. What could go wrong?

Could there be miscalculations?
What if the birthrate could not match the expectation (these could as simple as a line drawn to estimate the future) resulting in aging population, now these funds won't be able to fulfill its claims. A hint that there could be miscalculations could be the change of retirement age etc, in this case your retirement is at risk of a delay. I mean is that not a valid argument? If miscalculation did not happen, then why are there changes?

Could there be investment failures? Perhaps due to again miscalculations? I mean who could have predicted Covid19? And if Temasek can make such mistake as to invest in FTX, how many hidden bombs could hide in our retirement funds?
https://www.channelnewsasia.com/singapore/ftx-cryptocurrency-exchange-temasek-write-down-investment-275-million-3079086

Could there be fraud/corruptions?
Could hyperinflation happen resulting in the funds becoming worthless?
Could there be war?

Anything can happen, and therefore, although the risks may be low, it always exist.