Future taxpayers will have the same choice as current taxpayers. They can decided year by year how much pension the state should pay their mums and dads and grannies. So in that sense they arent being burdened. It may be that current workers are being given unrealistic expectations for their future retirement.
The point is mainly about public sector employees Final Salary pensions. If you look at the private sector FS pensions(now almost all closed, companies e.g. Aviva,
have had to make enormous contributions NOW out of shareholder profits to fund ridiculous future liabilities.
If you live to 60, your average death age is 87/88. The Govt & a lot of companies were very slow to realise this. That means until 2-3 years ago, state employees were retiring at 60, & the funding required per year was 1/60*27(average years to live) of salary.
That meant the net benefit to salary in pension per annum was 42% ! The employee was contributing on average 3%(42+3=45)!
Now they've switched to 65, but that's still 1/60*22 = 33.67 (+3 self conributed).
Remember - this isn't even average salary, hence why many GPs & Judges, on seeing their salaries rise by 50%, stayed on a couple of years! Suddenly, a pension of 40,000, became 60,000 for another years work!
Public sector median income is 16% more: £28K, private is £24K. Add pensions contributions (33.33vs 3% average), & the difference becomes
50%!
Add to that fewer hours worked, 10 days more holiday, better sick & redundancy pay, & the benefits are unsustainably more than the private sector
You forget re: state pension/poss means tested - that pensioners vote, there are going to be a lot of them, & are likely to act in their own interest!
But why should I, or any future generation be burdened by the profligacy of past generations, awarding themselves excess unearned privileges.
They didn't even have the burden of £25K debt that 50% of all Britons leaving education now have.
I think the BBC did a "What if..." programme on this in the past. All the wealth & capital of a nation unevenly in the hands of those least likely to make effective national use of it.
Hell, many of these guys will even retire overseas, further draining the economy form support in goods, services & investment. In turn that leads to the youth leaving the country in search of better opportunities, & fewer people other than poor migrants to fill the gap & pay for the elderly's lifestyle.
Holistical action has to be taken to protect the UK.
