When pensions were first offered the average life expectancy was way lower (ie you reached 65, lived another 5 years and died). Now life expectancy has soared and the economic situation has led to this sorry situation (although probably would have been hard to foresee with any certainty in the 70's/80's).

No doubt for a lot of people 75 will become the new 65 and those without sufficient provision will work till then (assuming continuing health), retire and then keel over at 80/85. This will re-balance a few things but create it own new problems in turn.

Either way, and despite how dodgy things look, we may actually be living in the golden age of pensions where you can retire whilst reasonably fit with a reasonable income (highly subjective).