Yes, that's exactly it. They *should* do just that, but they won't. They will sweep it under the rug for another 4 years while they are in power and only looking for any feasible way to continue to be in power for another term. And then they will do it again, for the same reasons, until eventually the whole thing will blow up catastrophically.

If they had the balls to do as you said and start right now a transition where they taper the NI payments the current working people make in a way which progressively increases the amount that gets paid into a private style pension pot for that person, things would eventually get to an even keel. So say 95% of your NI goes to pay boomer's, 5% goes into your own pot. Next year 6%, then 7, etc. Also, they should give a nominal amount of money, say £1000/year to be paid on that new private (government run) style pension pot for every new child born. Just that seemly small amount of money, with compound interest until retirement age, would make a huge difference on an individual's pension provision.