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  You are mixing up different issues Alexander.
  
  The failure of people to save enough for their retirement is one problem that has got worse and worse ever since 1997 when Brown started to de-incentivise saving. He taxed pension funds and introduced stakeholders that meant it was no longer financially viable for advisers to chase pension sales. That runs alongside reducing the levels of other tax free saving and taxing these too.
  
  That is not the same as the pension deficits. This refers to funding shortfalls in defined benefit pension schemes. These shortfalls are driven by poor investment performance, regulatory issues, the taxation issues, demographic and actuarial factors including life expectancy and so on. These pension schemes need a certain amount of cash to cover current and future liabilities to deliver their guaranteed benefits. The companies themselves have to make up that shortfall and produce a plan to the Pension regulator to do so. For this reason these schemes have largely been closed with the employers adopting defined contributions pensions instead.
  
  The public sector should do the same as private companies and turn to defined contribution pensions..
  
  Incidentally - this is a well established problem, nothing new and the Pension Protection Fund has been established to take over bankrupt schemes or rather schemes where the employer has gone bust and can no longer fund the deficits. It adds to the burden of other such schemes.
  
  Sorry - no-one has heard it first from you.

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