Social Security in the US is very similar, for many years before I was born politicians elected by my parents and grandparents generation voted to take money from the federal retirement program and pass them ahead as lower taxes for my parents and grandparents. Now they are all standing around with their hands out asking "Where is my retirement? Lets raise taxes to fund it!".
Government makes no money, all the money the government distributes as benefits is taken from the productive slice of society in the form of taxes. There is no magic way you can raise benefits for an aging population without also raising taxes (specially when you are already operating in deficit).
OK, the government can print more money, but this causes inflation, the worst taxation of all.
