UKIP Manifesto 2019
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4. Pensions<br />
For Brexit and Beyond<br />
The UK State Pension is run like a Ponzi scheme, with retired recipients being paid from the NI<br />
contributions of current workers. Like all Ponzi schemes, it requires an ever-increasing number of people<br />
paying in to sustain it, without which it will eventually collapse. The UK state pension saves up no individual<br />
pension pots and thus is small compared to many other countries with advanced economies.<br />
• <strong>UKIP</strong> will continue to increase state pension payments according to the ‘triple lock’, which<br />
guarantees the state pension will rise by a minimum of either 2.5%, inflation or average earnings<br />
growth – whichever is the largest.<br />
• We will conduct a thorough review of the National Insurance system to ascertain how it can be<br />
reformed to provide higher and more sustainable pensions. This could be by creating a Sovereign Wealth<br />
Fund from the proceeds of extracting the UK’s natural gas reserves to underpin the state pension, or<br />
separating the pension element of National Insurance to create personal investment plans.<br />
• <strong>UKIP</strong> understands that 1950s-born women have been affected by changes to the state pension age,<br />
and we will work to deliver a solution.<br />
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