Paphos Life

Yes, that is exactly what I am saying. The good news for you is that with 45 years of contributions you will get 100% of your state pension.

Dominic is right. The UK pension scheme is nothing more than a PONSI scheme (which by the way are now illegal). Individual payments are thrown into a big pot from which pension payments are made. If the government thinks the pot will not be big enough to fork out future payments, because of an reduced and/or ageing population they will tinker with the system by raising the age at which pensions are handed out.

Individual payments are not held in separate accounts for the individuals although such payments are taken into account for individuals rights and amounts of the pensions they will 'eventually' receive.

Harry, you make a very valid point.

I think that this is why those of us who have worked all or most of our lives, up to retirement age, object to having to fund the lazy hangers on, from all walks of life. Not that we have a choice, and when we need care, due to age, sickness and infirmity then we pay yet again, even to the point of having to sell our homes. The whole system needs an overhaul, with those who have paid, given the nursing care they deserve free at the point of delivery.