It's not a fraud. How can you say so? Also, the first pensioners didn't invest in the system. There isn't even a concept of investment in old-age social welfare, unlike other pensions. It's also not a pyramid scheme, since the structure is upside down, and there is no recruitment.
Calling it something else than it is, only to taint the system and its receivers by associating it with a criminal undertaking is bad faith, if not worse.
I just quoted the definition of a Ponzi scheme, hence the word "fraud". The definition of a fraud is "... fraud is intentional deception ... to gain from a victim ... unfairly" https://en.wikipedia.org/wiki/Fraud - maybe this gives another perspective what a fraud can be?..
> the first pensioners didn't invest in the system
I agree with you .. I suppose you're making my point here?
> It's also not a pyramid scheme, since the structure is upside down
The structure would be upside down if the demography was growing as expected - and that's the core of the issue, why governments have to extend the age of the retirement: the burden of the pensions is becoming unbearable relative to the amount of active people.
> there is no recruitment.
No indeed, though if you decide to live in Denmark, you are not recruited, you're forcefully enrolled in this scheme.
> ... to taint ... its receivers by associating it with a criminal undertaking is bad faith
There is no "criminal undertaking" here, the system is simply broken and you're saying things I didn't - I certainly don't blame the current pensioners, nor the active generation working for these pensioners - they are all victims of this system.
Calling it something else than it is, only to taint the system and its receivers by associating it with a criminal undertaking is bad faith, if not worse.