Question 218: What is the ruling on social security or the retirement system? For example, they take from a person who enters into this, a specific amount in the week or in the month. So when he gets old, they give him from this [money] which they took from him?
Answer: In the likes of this, he takes in accordance to what he gave them, so that there is not in it usury.
And Allah is the one whose Help is sought.
[Taken from ar-Rihlatul Akheera Li Imam il-Jazeerah pg. 279 written by Umm Salamah as-Salafiyyah]
Faisal ibn Abdul Qaadir ibn Hassan