Why Britain's Pension System Is Structurally Unjust

Описание: People assume pensions are “saved money” — a pot with their name on it, safely invested for the future. They aren’t.

In this video, I explain how UK pensions actually work, why defined contribution pensions are inherently risky, and why most pension money fuels speculation rather than real investment.

I look at the state pension, defined benefit schemes, and defined contribution pensions and explain who really benefits from the current system, why it is unjust, and why reform is now unavoidable.

This is not pension advice. It is a political economy explanation of why pension insecurity is being built into the system by design.

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00:00 — Is my pension safe? The real question
01:10 — The 3 UK pension types (and why all depend on others)
02:05 — State pension: what it pays (and why it’s not enough)
03:25 — The triple lock: inflation protection you can’t rely on
04:35 — Defined benefit pensions: why they’re “best” (and why rare now)
06:10 — Private DB risk: employer failure + partial protections
07:05 — Defined contribution pensions: the risk is dumped on you
08:40 — Why a market crash can wreck retirement timing
09:35 — What DC pensions actually invest in (shares, property, bonds, gilts)
10:55 — Why these assets often don’t fund real investment
12:05 — “Your pension is financial speculation”: the core critique
13:10 — Demographics + anti-immigration: fewer contributors, more retirees
14:35 — Student loans + lower contributions: another structural squeeze
15:25 — The £70bn+ pension subsidy: who really benefits?
16:35 — Reform 1: cut excessive relief for the wealthy (free up £20bn+)
17:25 — Reform 2: raise the state pension floor (dignity + security)
18:05 — Reform 3: reconnect pension saving to productive investment (25%)
19:10 — Reform 4: accountability (leasehold, rents, harm today for “gains”)
19:55 — Practical step: ask about safer fund options (not advice)
20:25 — Poll + comments
20:38 — End

TRANSCRIPT
A transcript for this video is available at: https://www.taxresearch.org.uk

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ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’.

This video was edited by Thomas Murphy.

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