Demographic trends were not till recently a major subject of public debate. Actuaries and demographers have been aware for years that something rather big is happening, but demographics rarely made headlines. That has changed rapidly over the last few years. As chairman of the UK’s Pensions Commission, I see each week’s press clippings — an endless series of headlines talking of crisis, black holes and ‘work till you drop’. Throughout Europe, pension reform (and opposition to it) has shot to the top of the political agenda.