Clearly there remain number of problems in the field of energy today. Of particular relevance is the role of the substitutes and/or backstop technologies (see Nordhaus (1973)) in affecting the extraction decision of monopolistic producers of (scarce) exhaustible resources.

This note presents a model in which pension funds, by holding a signifiant share of capital assets, can exert a non competitive behavior on labor market. This leads to lower wages and higher capital returns, and can reduce capital accumulation and Long-run welfare.