State pension advice

[cheshirekitty]

Some of the girls at work are adamant that even though we have paid NI contributions all our working live, when we retire we will not get our state pensions as there will be no money in the pot.

Has anyone heard of this? It does not seem right to me to pay NI all working life and yet receive nothing.

It seems unlikely. From my understanding, there can't be no money in the 'pot' as the NI payments you are currently paying are paying for current retiree's income, so when you retire, the next generation of workers will be paying your retirement income rather than your NI payments going into a fund for when you retire. This is because when state pension started it was not filtered in slowly, but immediatly, so there was no pot to build up IYSWIM. I may be wrong on this, and can check if no one else knows for certain!

It is feasible that the government would completely stop the state pension, but it's highly unlikely in a western democracy as the electorate would hit the roof!