The most interesting example may be Sweden. They really took their whole system apart about 10 years ago and kind of put it back together based on what they saw going forward. They call it a notional DC system—defined contribution system—which basically means that everybody in the country puts in 16% of pay. It may be split between employers and employees, but the total is 16% of pay. Fourteen per cent of that goes to a redistribution system and goes out as pensions, and the other 2% goes into individual retirement savings accounts. That's the broad system.
The question then becomes what 14% of pay going into the pool will buy you. They have a forward-looking system that actually looks at forward demographics and asks how much they can pay out if they want to be equal between this generation and future generations. They will recalculate on that basis, and the amount of pensions that come out of that system can go up or down as the demographics change.
They also integrate the longevity question, which is that if people are going to live longer, and we still put in 14% of pay, then the pension has to be less, or you have to save more on your own.
That's a very broad design in which everybody understands the system and how it works. We have a much more complicated system. We have many more moving parts.