There was an interesting discussion, or it was the beginning of an interesting discussion about pensions in Ireland on Q&A last night .
Part of the fiction around pensions is that the income people get from their pension is the return on some investment that was made on their behalf. In the public system what happens is that what you as S. TaxPayer pay in PRSI goes start out the door into the pocketboook of O. Pensioner. This is how it has been since state pensions were first introduced in Ireland as part of Lloyd George progam back in 1908 i think it was. The state started to collect money off people and pay it out to the old on the basis that the people they were collecting it off would get a pension in turn when it was their time.
Interestingly, many of those who would have been collecting in the 1950s/1960s were shuffled off this mortal coil by the Great War, so that helped to balance the books a bit.
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