Just saw this today:
This quote takes things a step further:
The report’s author, Michael Johnson, has suggested that the end of the fund will mean that the government needs to take radical steps. He suggests that it should bring an end to the National Insurance system – and that the Chancellor ought to announce this in the Autumn Statement. He suggests that the current approach of adding it to the income tax bands should make way for a single tax matching the total tax we currently pay on income – namely 32%, 42% and 47%.
But perhaps most shocking is the effect he is predicting for future generations. Johnson suggests that: “Given that exhaustion is inevitable, the next generation should be advised that their State Pension will be, at best, derisory. Indeed, it would be prudent to plan around not receiving anything at all.” He warns that for people aged 45 and under there’s every chance that the pension will be more modest, and retirement dates much later. For those under the age of 35 he says that there may be no state pension at all.
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