I wrote a post that I couldn't publish the other day and it isn't on this computer so I still can't publish it. It was on pensions.
The way I look at pensions is that you need to look at fixed dollars and if you consider the average person is living 20 years into retirement, well, if you were paying 10% and the employer was paying 10% for 40 years then the pension plan can only afford 40% of your wage, yet they try to pay out 70% of wages. The numbers are so insane...
The way to fix pensions is to make an adjustment to 1% of wages per year for say the first 30 years and to reduce overall incentive to retire early make it 1.5% for each year over age 60. Now pensions would be affordable and pension funds would not take the kinds of risks they have taken.
Look at this pension, it is currently only funded at 73% and who knows what the return expecations is for the plan. It is about time tax payers say enough to unaffordable pensions plans they are expected to pay for.