The state pension is now looking more and more unaffordable - but there are possible solutions to the challenge
sustainable in the long term? My worry is it is now looking increasingly unaffordable. What’s more, I don’t think our politicians are capable of being either honest about this reality, or of doing anything about it.– which ensures it goes up by the highest of inflation, average earnings or 2.5 per cent – and this comes on top of a 10.1 per cent increase last year. The full pension is now worth £11,500 a year.
By 2071, when the young workers of today are reaching retirement, that figure is set to jump to over 25 per cent, according to the Office for Budget Responsibility . Currently there are around 280 retirees for every 1,000 workers, known as the old-age dependency ratio. Fast forward to 2070 and this ratio will have increased to 393, which is a hell of a jump.
The problem is we’re locked into a social contract. The whole system relies on today’s workers to pay into the system in the expectation they’ll get their own payout in due course. No politician can acknowledge this expectation may not bear fruit, that future retirees may find they have paid in to the system for the benefit of today’s retirees, only to find the cupboard bare in the future when it is their turn for a payout.
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