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State pensions to cost more than education, policing and defence combined

https://www.thetimes.co.uk/article/uk-state-pension-spend-education-policing-defence-2023-n529t0tch

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

State pensions to cost more than education, policing and defence combined

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echo

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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

julietOscarEcho

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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.