Given we have stagnant or declining populations any defined benefit pension plan will fall short of the promises in the coming decades. Not only is deferred compensation unappealing to many people because of present time orientation, it's a riskier pension than a defined contribution plan. You also lose out on the ability to negotiate better compensation by changing jobs.

On the whole the lifetime employment model was abandoned by the private sector decades ago for many good reasons, namely the impossibility of funding defined benefits after population growth stalled; as usual the government is the last place in society that makes necessary changes.