The final parameter is a threshold age, such as 45. Everyone who was 45 years or older would remain within the existing dole-pension arrangements, which would survive for as long as the group does. That leaves a broad band of people who are aged 21-44 on the starting date and who would be brought into the new system gradually, receiving an amount of vouchers depending upon how old they were at the time of receipt. Phasing would allow the Treasury to regulate the total value of vouchers outstanding at any time. At some point cash savings would start to flow through and could be applied to redeem vouchers, and eventually it would no longer be necessary to use vouchers for the seed contribution. We would have made it through the wilderness. Then (if not before) the government could reverse £100 billion of tax increases.

Christmas and New Year is supposed to be a time for taking stock, for renewal and for new hope. But making resolutions to be better are worthless unless they are kept.

Since the credit crunch of 2008 we have heard a lot about "zombie banks", institutions which are functionally insolvent but which stalk the earth in a living-dead state (by concealing the truth about their finances). In the UK we have a zombie state pension, sustained by a zombie ideology. We no longer believe in the ideas of 1945. They do not work. They never will. So why are we putting ourselves through such pain trying to make the unworkable work?  

The time to exorcise this problem is now. If we do not sort out the state pension while we have the chance then we face the prospect of ever-rising deadweight taxation and cheese-paring meanness towards our elderly. Third-rate provision amid a second-rate economy.

Alternatively, of course, you could always pray for a massive outbreak of pneumonia.