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I work in a company with a (closed to new joiners) final salary (DB or defined benefit) scheme. Everyone new is on a defined contribution scheme (DC).
As a department we are charged an amount for pensions for everyone in our cost centre based on either the employer's contribution to DC, or a share of the company contribution (calculated by reference to the criteria pension would be calculated) for people on the DB scheme.
In terms of pension costs it costs us significantly more for an assistant manager who started before the DB scheme closed to new joiners than it does for a director paid over twice as much who is on a DC scheme. And we have a pretty generous employer contributions to the DC scheme.
The private sector has woken up to this issue already as it actually has to fund future liabilities (if you're a insomniac or have excess will to live Google "IAS19 deficts"), and the public sector is coming round to it as it realises it is basically running a pyramid scheme by spending current "contributions" and hoping future contributions will come good.
Frankly if I have enough for 15 years of half-decent retirement, a single (business class, natch) to Zurich and a trip to Dignitas I'd be doing well.
10, 20, 30+ years is a long time, 30+ years is a [i]very[/i] long time and no benefit provider in the current domestic/global economic circumstances is going to guarantee a defined pay out in 10, 20, 30+ years time.
Get a grip and get over it!
The velocity of change has increased significantly over the last 10 ot 20 years and will continue to increase.
My family and I have adjusted to these new austere times and if you do it over a reasonable amount of time then it isn't [i]too[/i] bad, you just learn to live within your means and be happy.
Part of my job is to read about "emerging" risks and advise my company about them and this is one that scares the willies out of me.
Oh well, my family and I are fit and healthy [i]today[/i] and that is what counts 🙂