A Heritage Foundation article, "Social Security Privatization in Britain: Key Lessons for America's Reformers," by Louis D. Enoff and Robert E. Moffit, looks at Britain's effort to privatize its pension system and what lessons it holds for Americans.

The Social Security system currently collects more in taxes than benefits paid out, with the excess held in the Trust Fund. But this is expected to change in 2014 when the baby boomers and increased longevity of retirees is likely to result in benefits exceeding taxes collected. By 2031, the Trust Fund is expected to be exhausted. Suggestions for reforming Social Security include minor changes to the eligibility requirement or tax rates, allowing part of Social Security contributions to be invested freely, and totally privatizing Social Security.