The problem with a purely collective system is not only that it requires economic growth, and the right sort of demographic trends, but that it prevents people thinking about their futures in a responsible way.
We have to struggle against the conservatives from all sides, not only the right-wingers, but also the left-wing conservatives who don't want to change anything.
I would not be opposed to devising a new system of pensions, in which one part was based on collective provision, but which also gave incentives for people to take out an additional, personal plan.
