Post #1316712

@Heil_Honkler @StoleMyThundersBalls OK I made a mistake - the Old Age Pension was introduced *before* WW1. I asked the AI about it: 'When Britain’s first state pension began in 1909, average life expectancy at birth was about 47 years, and the pension was payable from age 70. People who survived to 70 could expect to live roughly 8–9 more years on average. By contrast, today’s state pension is paid from 66 (rising toward 67), and a 65-year-old now expects to live around 20 more years (about 19.7 for men, 22.0 for women). So the average pensioner now draws the state pension for more than double the duration than in the early 20th century. 'The “Ponzi scheme” critique centers on the original design: the 1908 pension was non-contributory and funded out of general taxation, explicitly set low to encourage private saving, with no built-in fund to cover future liabilities. Later, contributory systems (1925 onward) were structured so current workers’ contributions funded current retirees, assuming a stable ratio of workers to pensioners. That model works poorly when life expectancy rises and the old-age share of the population grows, increasing the burden on the working generation. Critics argue this makes the system unsustainable without higher taxes, reduced benefits, or a higher pension age—hence the Ponzi comparison. Proponents counter that it’s a social insurance model, not a fraud, with policy levers (like the pension age) to maintain balance.'