The point is, I think, that the very concept of a pension will become meaningless by the time millennials retire. Why would you pay more into something that you don't expect will give anything in return?

Not to mention that for a lot of people paying more is not an option since they simply wouldn't be able to afford it.

I'm not very confident in my state pension as they can take that away any time they want, but my private pension is just a pot of money invested for me with tax benefits. Not sure what better you can do than that? Buy gold and store it under your bed?

What would that pot of money look like if you had to retire in 2020?

Do you trust the pension fund people to make the right decisions?

What happens if the pension fund collapses because it's run by crooks and morons?

I'm not saying that you shouldn't invest in that, but treat it like what it is - a relatively risky investment, not like what it's marketed as, namely a sure thing.