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The mantra that we cannot afford to pay the 3.9 million 50s women their pensions until they are 65 and soon 66 is based on the premise that there is no money in the National Insurance Fund. The big question is why?
I have already in a previous report for #Backto60 shown that the accounts of the National Insurance Fund are in fact in surplus. But detractors point out that they soon won’t be if the government hands back £77 billion owed to the women.
But what if we have reached this situation because the government has raided a fund which is 91 per cent spent on pensions for other benefits. And what if the Treasury deliberately decided to undermine the fund by avoiding paying any money into it?