Pensions are a relatively new phenomena. It is only 100 years or so that most western countries had them. Life expectancy ensured that any obligation on the state or society was short lived...
Roll forward to today.
A whole industry has grown up with the glory years of retirement. financial planners, travel and tour companies even the funds that hold these accounts.
BA was no different, the government pension liability successfully shifted to Private sector dupes in 1986 when privatised.
With life expectancy well into late 70's and 80's in most western countries, 40 years of work was supposed to cover 40 years of retirement (give or take)
When these idiot central banks suppressed real interest rates, they blew out of the water every asset accumulation model that pension funds and insurance companies rely upon. Instead of rewarding the prudent, they rewarded the debt holders to fund the ongoing debt
show. Insurance companies and pension funds need 6.5% to 7% to cover expected payouts. Financial planners sold the same crap to baby boomers building their retirement models, taking the fees up front for their crap 'service'
Defined benefit pensions are no different.
With the baby boomers exiting all industries at an increasing rate, ultimately we will reach the point where what can't be paid won't be paid...