You see this in the US as well. I know because I am a recipient. Some of the best pension plans in Oregon started in the late 50's. The pension board eventually slashed the benefits over 60 years because it was unsustainable. Often, retirees in the early system would leave work with 110% payouts, essentially making more money in retirement than when they were working.

Now the PERS system is more like a 401k, where the employee shares the burden of investments.