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State pensions to cost more than education, policing and defence combined
(www.thetimes.co.uk)
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this post was submitted on 10 Aug 2023
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UK Politics
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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.