Exactly. People compare the new pensions world to the previous generation's unsustainable position, and cry foul.
For a better perspective, people should go back a little further and look at some more pensions history.
For example, when the state pension was first introduced, it was payable from age 70 and means-tested.
Productivity is increasing exponentially.
We have 25%+ of our current potential workforce either unemployed, in make-work education, in low hour part-time work, long term fake-sick, or doing make-work non-jobs. And with all of that the population generally still have decent quality life-styles.
So what the heck do we need more people working longer for?
The problem is one of a disconnect between our monetary and economic systems, nothing else. Going on the basis true economic production and productivity we should be decreasing retirement ages.
Edited by alexw, 15 March 2012 - 03:50 PM.