State pensions to cost more than education, policing and defence combined
State pensions to cost more than education, policing and defence combined
Britain will spend more on old-age pensions in two years’ time than on education, policing and defence combined, official figures show.Pension costs have rise
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Triple lock and more pensioners than ever.
I look forward to not getting back anything that I pay in while the current people on state pension benefit way more than they contributed
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That's because you're technically not paying for your own pension. You pay for the current pension then the next generation will pay for yours.
Whole thing needs an overhaul but I wouldn't trust any of them to do it correctly
But they will only pay for yours if you do "enough" to pay for the previous generation in terms of qualifying years. The whole thing has been moulded into a weird reflection of the entitlement of baby boomers. Classic example of how our pseudo-democratic processes are terrible for long term planning.