osark:
Pension systems work as long as the generation currently contributing is doing it in a larger amount than the generation drawing it down.
Its all a pyramid scheme, literally. And the demographic pyramid doesnt look too good to maintain such a system much longer. Hence work pension schemes became law, so to push the responsibility or outrage when it fails, away from the state and into wall street and the city of london. Plus the always increasing retirement age.
In that environment the state pension is effectively just a tax on earnings which could be better invested elsewhere ( like paying down a larger mortgage on a more valuable property sooner ).
While private pensions are at least optional not compulsory.
But in all cases pensions are actually sold on the lie that your contributions are for your own pension not to pay someone else’s.
Let alone to adding to the massive profits of the banking sector using bent life expectancy figures to keep hold of the pot.