It has the appearance of a Ponzi Scheme but where it differs is that the government doesn't rely on new subscribers to pay the old. It has a pot of public money to allocate where it chooses. It makes the rules.
We need to accept different kinds of payouts from the public kitty. Some for those in need, some is as a right of being a citizen, some may have other criteria. As a citizen who has reached an age when they should not be expected to have to work, but to get out and let the younger folk contribute and make a life for themselves, the State should pay a basic minimum living wage.
We need to stop pretending this pension is a separate scheme and needs to be funded from within itself. As a rough example we don't do that for other things such as unemployment benefit, you don't need 35 years of contributions to be eligible for that.
You should get your basic needs covered plus a small amount to make life worthwhile, any additional "luxuries" you might want you will have had to arrange additional private pension during your lifetime for yourself.
Sorry this is straying away from the initial thread subject though. Make the pension something to be proud of and the benefits are then just patronising handouts and can be dispensed with. Although things like running buses full rather than empty is a daft thing to get rid of.