> The only solution is to ban defined benefit pensions (and all deferred compensation schemes) so there no longer exists one less avenue for future taxpayers to get taken for a ride.

Then you'll have to raise wages for government jobs dramatically. The decent pension is one of the perks that attracts people to those careers.

I think the main problem is that governments never want to pay into the pension pot during boomtimes, and then they cry poverty when the economy is in a downturn. In principle, an "immortal" entity like a state pension fund should be much better positioned to manage risk over time than a single individual with only one lifetime and one 401(k).