It a dismal scenario for all of us. The reason is probably that there are more baby boomers and older than younger people, people are living longer healthier and more active lives, and the younger generation are likely to be saddled with student debt and in todays circumstances not likely to get into work for some time. Thats capitalism for you unfortunately.

I agree that people currently receiving pensions should not see them reduced but then the rest of us are facing that prospect in any case so why not share the pain in that way? There are many older people who are well off who receive state funded old age pensions. Do they need it necessarily?

I've worked for over 22 years with two periods of maternity leave and several periods of unemployment in between probably totalling 4 years. My pension pot is really puny despite my earning just above average earnings and having professional qualifications. Savings have been eroded paying for childcare and keeping us out of trouble. I'm currently looking to prepare for a third career as my current has limited prospect due to public sector cuts and other changes. There is a great deal of ageism and sexism in the workplace that does seem to work in favour of young single men, presumably because employers can work their socks off and because there are still various glass ceilings around for various sections of the community.

I also never really felt that final salary arrangements were as good as others would make out as most people would not accrue the length of service needed to make it work for them. I have an ex colleague who has just retired at 57 with 35 years continuous service in local government. He decided to go due to to immense pressure of work as well as likely erosion of the pension pot he already had. He got around £20k per annum in total as he was senior. Thats not bad really but there are actually very few people now in the public sector in his position. Most of them are around that age and leaving now before things get worse. Remaining workers won't see anything like that sort of pension.

I don't know what the answer is nor do I think there will ever be a solution. It would be nice if we stopped waging wars for the sake of oil. Might save a few pennies all round.