In an ideal world that's what should happen. Unfortunately, what happens in the val world is that far too many people who can save for their retirement simply don't and end up needing support in their old age. When populations of working age people were growing faster than the number of retirees, this "pay as you go" system is workable but once the population starts ageing the burden on the shrinking pool of taxpayers becomes unsustainable (even before the heavy burden of civil service pensions is taken into account). Compulsory savings is the only way to address this even though it's an inconvenience for the minority who do plan and save.Original Post Deleted
Totally agree with your comments on MPF – it was badly designed and the government of the day knew it was badly designed when they implemented it. Other systems like Australia's or New Zealand's work much better, providing savers with more control over their investments, default options for people who won't or can't decide what to invest it, much lower costs and the ability to withdraw early if necessary with a back up for those who have been unable to save or whose savings run out after they retire.