You're on a retirement scheme where current contributions directly pay for current pensions? Wow, I thought those were all dead by now, in favour of retirement

You're on a retirement scheme where current contributions directly pay for current pensions? Wow, I thought those were all dead by now, in favour of retirement funds that are invested. Of course state pensions are funded from current taxes, so there's always an element of pension payments that come from current tax, but at this point all contribution based pensions should really be investment based. That works much better because the money is pumped directly back into the economy, as investment rather than consumption.