[jeroenhd]

The pension system still works, as long as the pensioners accept that at some point there will be less money to divide between them. Demographic changes don't necessarily cause the pension system to collapse as long as the pensions are adjusted to the income generated by the working generations.

That's the part that causes friction, because (soon to be) pensioners don't want to accept lower pensions, and they still have voting rights, voting in politicians that cater to pensioners over workers.