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

GAD report paints 'grim picture'

Hannah Godfrey
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Tom Selby: "The harsh reality is that, as demographics bite and the Baby Boomers floor towards retirement, the cost of the state pension will inevitably boom."
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Tom Selby: "The harsh reality is that, as demographics bite and the Baby Boomers floor towards retirement, the cost of the state pension will inevitably boom."

The latest Government Actuary's Department (GAD) projections suggest the National Insurance fund used to pay out the state pension will be exhausted by 2033.

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...

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