What happens when there isn't enough money to pay the benefit? As you say, due to increasing life expectancy. Both social security and employer held pensions h

What happens when there isn't enough money to pay the benefit? As you say, due to increasing life expectancy. Both social security and employer held pensions have to cut their payouts, but only one of them is democratic and has even a chance of being run in the interests of the beneficiaries. "The group only needs to save the amount the average person will need" - the same is true if you buy an annuity. Or, give people preferential tax treatment for keeping money in their pension post retirement, don't let their family inherit it.