Portugal, GDP and the ageing

From a comment posted at: http://sic.sapo.pt/programasInformacao/scripts/videoplayer.aspx?ch=plano-inclinado&videoId={FBD1FC34-B5D8-4DF4-9067-89FFC97615DD}

The dark curve is the growth of GDP, and the light blue is the growth in population of retiring age. As long as the dark curve is above the blue curve, the state can keep or increase its expenditure on pensions. Once the blue curve overtakes the dark on it must start to reconsider its fiscal expenditure or at least start taking money from somewhere else to spend it on pensions.

There's obviously a cyclical element to pension policy, whether the state is a key player in the pension system or not, caused by economic cycles.