Towpack
Well-Known Member
No one "pays in" to a state pension in the UK. Your NI contributions pay for people drawing their pension at the time you are working. It isn't money that's invested or managed like a private pension. All your contributions do for you is entitle you to other people's NI when you are old enough to claim it. If there aren't enough people working when you're old, tough.
Maybe but it amounts to the same thing. If pensions being drawn ever exceeded NI contributions going, highly unlikely though that may be, they'd just have to find the money elsewhere.