A report from the government's own actuary published towards the back end of last year made pretty terrifying reading for anyone interested in the UK's future finances. Tom Selby examines its implications
A report from the government's own actuary published towards the back end of last year made pretty terrifying reading for anyone interested in the UK's future finances. The Government Actuary's Department (GAD) paper, which you can read in full here, analyses the financial position of the ‘National Insurance fund' - the difference between the money the Exchequer brings in from National Insurance Contributions (NICs) and pays out in benefits. The vast majority of these benefits (94% in 2015/16) relate to the state pension. State pension coffers 'will be empty' by 2033 without govt supp...
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