Scandiwegian countries have cradle to grave state care and a famously great work-life balance, despite generally lousy weather and dark winters. It’s paid for by higher taxes (and expensive booze); in most cases they didn’t immediately vote out their post-war equivalents of our Atlee government.
At the risk of sounding like an old Trot (which I’m very much not), tiddling around with the ‘inter-generational balance of the tax system’ is just that, Lord Willetts, tiddling around. There’s a much bigger bullet to bite if we want to solve this particular insoluble.