"So long as those contributions are sufficient to pay the public sector pensions of today, the cash flows in and out steadily and in balance. Of late, however, the amount the Treasury has to pay to top pensions up has risen and will rise still further into the future. Like an unstable Ponzi scheme, it will only work if tomorrows generations of new members and taxpayers is able to stomach a higher cost to pay tomorrow for the unfunded promises being made today. Unless costs are recognised as they are incurred, poor decisions will be made as to the cost of recruitment and retention of public sector employees." http://www.public-sector-pensions-commission.org.uk/wp-content/themes/pspc/images/Public-Sector-Pensions-Commission-Report.pdf Self interest and fear may drive many to cry "Rubbish!" but it is true. Simply cannot ignore an ever increasing burden of unfonded long term costs And now, just like a Ponzi scheme, a lot of blameless people get hurt and will cry "how can this be?"