Well Brian,

How about reducing existing pensions for those on guaranteed final salary deals? They have taken far more money than they have put in. Why the whole reduction in pension benefits should be borne by those currently paying in. And there were good private pensions around when annuity rates were higher and guaranteed (remember Equitable Life - those already having pensions did not suffer)

So the argument that younger generation should take all the debts now is not very fair.