The Pensions Bill - if passed - would set up a pension protection fund to help guarantee workers their pensions even if their employer goes bust.

BBC: NEWS | UK | Wales | Blair in pension crisis talks

Germany likewise is now considering a special tax on younger workers to fund the pensions of the growing ranks of oldsters.

FORBES: America's Baby Bust: How The Great Recession Has Jeopardized Our Demographic Health

Australia has its own Future Fund, where it sets aside money to pay for the pensions of public-sector workers.

ECONOMIST: Petri-dish economies

The senator proposes that the Social Security system be counted separately from the main budget, since workers' current contributions are not meant to be used on regular spending programmes, but are supposed to fund future pensions.

ECONOMIST: Phil Gramm goes shooting