OT: Stop Climate Change... NBC: Believers should stop having children...

So no one is paying?

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Pension money is paid into pension funds. In the UK it mostly bought life a ssurance policies which paid out when you retired, and the money had to be used to buy an annuity, which was your pension. The business is heavily reg ulated, and if you employer goes bust, the pension is unaffected.

That is roughly how it works in most of the modern world. In addition, states usually pay a base level of pension (the same as they pay unemployment benefits, social security, child benefits, etc.). You pay tax to the state when you are working, and the state provides you with some money when you are not.