Concern for those already retired have stymied some efforts in developing economies and still are a cause for concern with the British system. Admit that there will be a cost to transition from the currently underfunded program . There are costs for the transition, building up funds, as well as for creating the necessary administrative structures. Both of these sets of costs will be more than recaptured in time. The question that needs to be addressed is over what period of time these costs should be spread and who should participate in paying for them We should also clearly and carefully point out what the costs would be to try and preserve and fix the existing program.
Transparency is one of the most desirable traits of a social security system.
Countries where the government has attempted to hide the true costs of social insurance programs have either seen these programs fail completely or caused such distrust by the workers as to feed the underground economy in an effort to avoid what are seen as unfair contributions. The current program started with a rather complex benefit formula which has become more complex over the years. Average workers have a difficult time computing their own benefit even if they have all of their records. Any simplification should serve to build or restore confidence of the workers in the program. Take extra care to protect long term low income workers from poverty.