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    Sid - the State pension has never been 'funded' but has always been paid out of current taxation. National Insurance was a poorly conceived scheme that is no more than another tax on income. This should have been a ringfenced and invested, or in other words 'funded' as a pool of money designed to pay for certain benefits like the State Pension.

    In the 80's the Thatcher government did start to address some problems of this kind relating to the earning related top-up, SERPS as that was projected to be a serious problem.

    Governments have always been trying to play catch-up over this.

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