State pension coffers 'will be empty' by 2033 without govt support

The projections in the report are based upon the assumption that National Insurance contribution rates and fund benefits remain as currently defined, subject to up-rating and re-rating policy.  It shows that from 2025 to 2026, benefit expenditure is expected to exceed National Insurance Contribution (NIC) receipts by an ever increasing amount, equivalent to about 1% to 1.3% of GDP. The report said the cause was an ageing society with increasing life expectancy, a projected increase in the average state pension benefit payable as individuals start to receive the new flat-rate state pen...