Slightly off tack, I know, but it cannot go unchallenged.
No, dr b, we do not need younger workers to pay for old age pensions. I have paid for my occupational pension. My employer invested the money for me and it is now available for me to draw. Current contributors to my pension scheme are not providing the funds to pay me (in fact my scheme is closed to new members and has been for some time).
I have similarly paid for my State pension via (often excessive) Income Tax and National Insurance contributions. It is no concern to me that successive governments have mismanaged those funds and now have to rely on current taxpayers to meet their liabilities. They should have been more prudent with my money which I had no choice but to pay them.
If we can get that straight we may go a little way to scotching the belief that we need ever increasing numbers of current workers to financially support those who have retired.
Sorry to have hijacked your question, fraggle, but it is a particular hobby horse of mine and I see red whenever the issue is raised!