this post was submitted on 21 Dec 2024
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I don’t think you know what you’re talking about.
The UK State Pension is unfunded, which means that its obligations are not underpinned by an actual fund or funds. Such schemes are often referred to as “Pay As You Go” (PAYG). The pension payments made by the government for unfunded pensions are financed on an ongoing basis from National Insurance contributions and general taxation.
Early ~~investors~~ pensioners are paid off with money put in by later ones.
Sounds like a ponzi to me.
Your misunderstanding of the process and confusion with private pensions doesn't make it false.
PAYG funded State pensions fit the definition of a ponzi. Therefore they are a ponzi. The fact it is government approved and transparent does not negate the fact that current investors are directly paying early investors.
Taxes is the same source of funding. Workers.
Er. The government.
Exactly. State Pensions are promised but there is no money held aside for them.
I've already given you the Ponzi literature, and shown that PAYG pensions satisfy the description.
Cos, like your PAYG error, you just can't admit being wrong.