Has the time come for the government to break pledges made to pensioners, asks Paul Johnson, the director of the Institute of Fiscal Studies.

What should government do when things turn out to be rather different from what was expected? That’s often a question politicians have to deal with when things go wrong. But what about when things go too well?

That might seem like an odd question, but when things go well for one group of people it can often be at the expense of another group. In part, at least, that is what has happened for the so-called baby boom generation – those born between the mid-1940s and mid-1960s.

The fact that they have much improved life expectancy, and much higher levels of income and wealth than any generation before them is a fantastic achievement. Those reaching retirement now are better off than any other age group. This is a historic first.

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Time For Truth: (10 News) – Time to break promises to pensioners?

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