EVENTS:

Economics of Age,Equality and Human Rights,Future of Age,Intergenerational

Wednesday, 22nd May 2017; 08:30 (for 09:00) - 11:00, Great Hall, Chartered Insurance Institute, 20 Aldermanbury, London EC2V 7HY, Chair by Baroness Sally Greengross OBE

Recent elections and referenda in the UK have implied a growing intergenerational divide. Older people have voted in larger proportions than younger cohorts leading to vocal concerns from journalists, politicians, and academics that older people are having an increasingly dominant impact on UK politics.

The public debate is getting angrier. The argument goes that older people are benefitting while younger people are finding themselves increasingly politically and socially excluded. Following the EU referendum, The Independent ran a story “How old people have screwed over the younger generation”. Huffington Post ran another under the headline “Young ‘Screwed By Older Generations”.

But how real is this intergenerational divide? During this debate we explored:

  • Why are younger people poorly engaged in elections?
  • What does an ageing society mean for the future of participation by younger people?
  • What are the policy solutions: How can we get young people more engaged in elections

 

The presentation slides from the event are available to view below:

Economics of Age,Equality and Human Rights,Future of Age,Intergenerational

Wednesday, 22nd March 2017; 17:00 (for 17:30) - 19:30, Committee Room G, House of Lords, Palace of Westminster, SW1A 0PW. Chair by Baroness Sally Greengross OBE

Confirmed speakers include: Andrew Harrop, General Secretary, Fabian SocietyDr Stuart Fox, Wiserd, Cardiff University; Professor Phil Cowley, Professor of Politics, Queen Mary University of London;               Dr Jeannie Bristow, Senior Sociology and Social Policy Lecturer, Canterbury Christ Church University;     Dr James Sloam, Reader in Politics and International Relations, Royal Holloway, University of London;     Dr Andrew Mycock, Reader in Politics, University of HuddersfieldAbby Tomlinson, Host of Westminster Abby and Co-Founder of the Milifandom and David Eaton, Policy and Public Affairs OfficerILC-UK.

Recent elections and referenda in the UK have implied a growing intergenerational divide. Older people have voted in larger proportions than younger cohorts leading to vocal concerns from journalists, politicians, and academics that older people are having an increasingly dominant impact on UK politics.

The public debate is getting angrier. The argument goes that older people are benefitting while younger people are finding themselves increasingly politically and socially excluded. Following the EU referendum, The Independent ran a story “How old people have screwed over the younger generation”. Huffington Post ran another under the headline “Young ‘Screwed By Older Generations”.

But how real is this intergenerational divide? During this debate we will explore whether, and how policy can best respond. We will explore:

  • Why are younger people poorly engaged in elections?
  • What does an ageing society mean for the future of participation by younger people?
  • What are the policy solutions: How can we get young people more engaged in elections?

If you are interested in attending this event, please write to events@ilcuk.org.uk

Care,Communities and Housing,Economics of Age,Health,Longevity

Wednesday, 22nd February 2017; 10:00 (for 10:30) – 12:30, Cass Business School, 106 Bunhill Row, London EC1Y 8TZ

On Wednesday, 22nd February, the International Longevity Centre - UK (ILC-UK) and Cass Business School hosted the launch of a new report entitled 'Does living in a retirement village extend life expectancy? The case of Whiteley Village'.

The UK population over age 65 is projected to increase by more than 40% during the next 17 years to over 16 million; while the number of people in the UK over age 85 is expected to double during the next 23 years to more than 3.4 million. With the population ageing so rapidly, finding ways in which the older population can live their later lives in relative health and comfort has become an increasingly important issue in the UK.

One relatively recent development is the creation of retirement villages in the UK, to house and care for the increasing numbers of older people who are attracted to this type of communal retirement living. Until now, studies of retirement villages have sought to examine funding options or quality of life outcomes for residents. However, this new report is the first of its kind to consider whether retirement village life can extend life expectancy.

Using Whiteley Retirement Village as a case study, and utilising a century’s worth of data derived from resident records, this report examines differences in life expectancy between Whiteley Village residents compared to the general population; it also accounts for gender and socio-economic disparities in life expectancy.

The presentation slides from the event are available to view below:

Care,Communities and Housing,Economics of Age,Quality of Life,Work and Retirement

Tuesday 24th January 2017; 16:00 (for 16:30 start) - 18:30 (followed by a short drinks reception); Institute and Faculty of Actuaries, Staple Inn Hall, High Holborn, London, WC1V 7QJ

As the population of the UK continues to age, the demand for social care increases, as do the associated costs. How to pay for long term care is therefore a hot topic in the insurance world and amongst policy makers.

This event saw the launch of a new paper from the ILC-UK and Cass Business School which investigates different ways in which individuals can purchase and pay for insurance products specifically to help them to pay for their care costs in later life.

Chaired by Baroness Sally Greengross OBE, Chief Executive of the ILC-UK, the launch included a keynote presentation from report co-author Professor Les Mayhew, with responses offered by Jules Constantinou, Regional Manage, Gen Re Life/Health; Brian Fisher, Aviva/Friends Life, and Steve Lowe, Just.

Please click here to download an audio recording of the event's presentations and discussion.


The presentation slides delivered at the event can be downloaded below.

            

Economics of Age,Pensions,Work and Retirement

Wednesday, 18th January 2017; 09:00 (for 09:30) - 11:00, House of Lords, Palace of Westminster, London SW1A 0PW

Held on Wednesday, 18th January 2017 in the House of Lords, this event launched the ILC-UK report 'The end of the beginning? Private defined benefit pensions and the new normal'.

The collapse of BHS and concerns over the future of Tata Steel have put the sustainability of private sector defined benefit (DB) pension schemesfirmly into the spotlight. These types of DB schemes promise a set payment to their members in retirement based on salary and years of service, but there are growing concerns that many such schemes and their sponsors will be unable to fulfil their promises at a time of rising life expectancy and falling interest rates.

Rather than a technical paper, the report is intended to be a discussion piece in order to stimulate further debate on this highly important issue. To mark the launch, a panel discussion was held, including Ben Franklin, Head of Economics of an Ageing Society, ILC-UK; Douglas Anderson, Partner, Hymans Robertson; Prof. David Blake, Director, Pensions Institute, Cass Business School, and Jennifer Donohue, Partner, Ince and Co LLP.

The presentation slides from the event are available to view below:
 

Economics of Age,Future of Age,Global Ageing,Health,International

Thursday 21st April 2016, 12:30 – 14:30, Belgium

ILC-UK held a private lunch debate, supported by Prudential plc, for senior decision makers and policy experts to discuss how Europe can best respond to the economic and social challenges and opportunities emerging as a result of demographic change.

To introduce the debate, Richard Jackson, President of the Global Aging Institute and one of the world’s foremost authorities on ageing, explored the emerging demographic, economic, and social trends shaping the future of retirement. He discussed his most recent research findings on East Asia and the similarities and differences between the outlook there and in Europe.

ILC-UK then presented its own economic analysis of the impact of global demographic change on Europe and highlighted some of the policy implications for Member States.

During the lunch attendees debated:

  • Might Europe’s Growth Strategy be undermined by demographic change?
  • What can Europe learn from how other parts of the world are maximising the economic potential of an ageing society?
  • Is Europe’s Silver Economy well placed to benefit from the world-wide ageing trend?
  • How can initiatives (e.g. Covenant on Demographic Change) focused on helping cities and regions work best?
  • How can the European Innovation Partnership on Active and Healthy Ageing help deliver a healthier older age?
  • What more can European policymakers do to help extend working lives and support active and productive ageing?
  • How can businesses help Europe to maximise the economic potential of an ageing society?

Please see below for a summary of the points raised at this roundtable discussion

Economics of Age,Future of Age,Global Ageing,International

Wednesday 20th April 2016,12:30 (for 13:00 start) – 14:30, London

ILC-UK held a private lunch debate, supported by Prudential plc, for senior decision makers and policy experts to discuss how the UK can best respond to the economic and social challenges and opportunities emerging as a result of demographic change.

To introduce the debate, Richard Jackson, President of the Global Aging Institute and one of the world’s foremost authorities on ageing, explored the emerging demographic, economic, and social trends shaping the future of retirement. He discussed his most recent research findings on East Asia and the similarities and differences between the outlook there and in Europe.

ILC-UK then presented its own economic analysis of the impact of global demographic change on the UK and highlighted some of the policy implications.

During the lunch attendees debated:

  • Might the UK’s plans for growth be undermined by demographic change?
  • What can the UK learn from how other parts of the world are maximising the economic potential of an ageing society?
  • Is the UK well placed to benefit from global ageing?
  • Is public policy in the UK adequately responding to demographic change?
  • What should the UK include within its forthcoming “fuller working lives” strategy?
  • How can business help the UK to maximise the economic potential of an ageing society?

Please see below for a summary of the points raised at this roundtable discussion

Care,Communities and Housing,Economics of Age,Future of Age,Health,Intergenerational,Pensions,Quality of Life,Work and Retirement

Thursday 17th March 2016; 14:30 - 16:30; House of Lords, Westminster, London

We held an event to debate the impact of the 2016 Budget on the Future of Retirement Incomes. The debate, chaired by Baroness Sally Greengross and supported by the International Longevity Centre –UK’s (ILC-UK) Partners Programme, took place ahead of our Second Retirement Income Summit on 10th June and will feed into ILC-UK’s plans for the event.

Following the Government’s Comprehensive Spending Review in November 2015, Chancellor George Osbourne will deliver the second Budget of this Parliament’s Conservative majority Government on Wednesday 16th March 2016.

During the ILC-UK organised debate, we presented our initial analysis of the Budget, looking beyond the immediate ‘winners and losers’ commentary to consider whether the long-term challenges of low productivity, systemic under saving by private individuals and the critical underfunding of adult social care are being addressed. Ben Franklin, Head of Economics of an Ageing Society at ILC-UK presented the analysis, and was on hand to answer any questions delegates had. We also heard from Chris Noon, Partner at Hymans Robertson, and Laurence Baxter, Head of Policy & Research at The Chartered Insurance Institute (CII).

The 2015 Budget and the Comprehensive Spending Review confounded expectations through revealing a revised projected increase of public finance provisions of £27 billion by 2020 thereby enabling the Government to halt proposed tax credit cuts. It also saw the Chancellor stick to his promise of maintaining real terms spending on health, schools and defence while further cutting local government coffers. The 2016 Budget will undoubtedly contain its own surprises, including an anticipated announcement regarding the future of pensions tax relief just one year on from “pension freedoms”.


For more information about the ILC-UK Partners Programme, please click on the below hyperlink:
ILC-UK PARTNERS PROGRAMME

Members of the ILC-UK Partners Programme are Anchor, Audley, Aviva, Equiniti, Hymans Robertson, Legal & General, Partnership, Prudential and Retirement Advantage.

 

Please see below for Ben Franklin's presentations slides from the event.

 
Care,Economics of Age,Future of Age,Health,Pensions,Quality of Life,Work and Retirement

Tuesday, 24th November 2015; 09:00 (for a 09:30 start) – 17:00; 20 Cavendish Square, London, W1G 0RN

The Future of Ageing took place on Tuesday 24th November 2015 in London. For details of this year's conference, visit www.futureofageing.org.uk.

We were grateful to Eli Lilly, McCarthy & Stone, Partnership and Partnership for Change for their sponsorship of this conference, and to the Social Care Institute for Excellence (SCIE), Lipreading Practice, and the organisers of the IFA 2016 Conference for providing inserts for delegate packs on the day.

During the conference, we painted a picture of the future of ageing and explored the challenges and opportunities ahead. Through our unique lifecourse focus we will explored the potential impact of ageing not just on today’s older population, but also on tomorrows.

We explored five key areas:

  • The future challenges and opportunities of health and care in an ageing society.
  • The future of retirement income: Wealthy pensioners or persistent poverty?
  • The future of our economy in an ageing society: Adapting our economy to ageing?
  • The future of our built environment in an ageing society.
  • The future of ageing research.

We heard presentations from:

  • Baroness Altmann (Minister for Pensions);
  • Professor Sir Mark Walport (Government Chief Scientific Adviser [GCSA] and Head of the Government Office for Science);
  • Lord Willetts (Executive Chair at Resolution Foundation, and former Minister of State [Department for Business, Innovation and Skills]);
  • Lord Filkin (Chair of the Centre for Ageing Better and Chair of the House of Lords Committee on Public Service and Demographic Change);
  • Paul Johnson (Director, Institute for Fiscal Studies);
  • Jim Boyd (Director of Corporate Affairs at Partnership) - Jim Boyd stepped in at short notice for Steve Groves who was unwell;
  • Professor Jane Elliott (Chief Executive, Economic and Social Research Council);
  • Steven Baxter (Partner, Hymans Robertson);
  • Professor Ian Philp (Deputy Medical Director for Older People’s Care, Heart of England NHS Foundation Trust)
  • Elaine Draper (Director, Accessibility & Inclusion, Barclays)
  • Mario Ambrosi (Head of Communications and Public Affairs, Anchor) and
  • Baroness Kay Andrews (Member of the House of Lords Built Environment Committee, Former Parliamentary Under-Secretary (Department for Communities and Local Government) 2006-2009)

The conference was chaired by Baroness Sally Greengross (Chief Executive, ILC-UK) and Lawrence Churchill (Trustee, ILC-UK). The full conference brochure, including biographies for each of speakers, is available to view here - ILC-UK Future of Ageing Conference Brochure

This was a paid-for conference with an early bird rate available until a few month before the conference.
 

See below for the presentations slides from the day.


See below for an agenda from the day.

ILC-UK Future of Ageing Conference 2015 - AGENDA


 


We were grateful to Eli Lilly, McCarthy & Stone, Partnership and Partnership for Change for their sponsorship of this conference, and to the Social Care Institute for Excellence (SCIE), Lipreading Practice, and the organisers of the IFA 2016 Conference for providing inserts for delegate packs on the day

 

   

   
 

    

 

 

Care,Economics of Age,Future of Age

Sunday 4th October; 18:30 (for a 19:00 dinner) – 21:00; Manchester (outside the secure zone)

In early 2015 it was announced that Greater Manchester will become the first region in England to gain full control of health spending, with 10 local authorities taking over a combined health and social care budget of approximately £6 billion.

This innovation in health care is a good opportunity to achieve joined up health and social care, a move which could improve financial sustainability of health systems as well as improving the health and wellbeing of populations.
This policy has the potential to improve the success of health innovations which have a focus on prevention. The priorities and responsibilities of local government are markedly different from central government, as it is local councils that fund other areas which may benefit from a preventative approach to health care, for example social care, housing and leisure facilities. There is therefore a direct economic interest for local authorities to, for example, delay admission into care homes, or reduce childhood obesity.

The reforms in Manchester provide a positive opportunity to take a preventative approach to health care, and are a significant opportunity to meet the challenge of the big, cross-sectional challenges resulting from demographic change.
But will the reforms deliver their promise? During this dinner debate we will consider

  • How can we ensure the devolution of health spending results in increasing focus on preventative health?
  • How can we maximise improvements in health and social care whilst also saving money?
  • How will we know if the Manchester initiative has succeeded? How should we measure success?
  • Where next for integration between health and social care?

This is a private, invitation only, dinner debate so spaces are limited and will be made available on a first come first served basis. Email: davidsinclair@ilcuk.org.uk for more information.

Economics of Age,Future of Age,Global Ageing

Tuesday 24th February 2015; 10:00 - 16:00; ILC-UK, 11 Tufton Street, Westminster, London, SW1P 3QB

A one day workshop to help individuals and organisations to maximise their understanding of the impact of our ageing society.

This workshop will incorporate expert presentations and discussion on:

  • How our society is ageing? [Understanding demographic change]
  • What are the implications of ageing for our economy? [older consumers; macro-economic impact of ageing; older workers]
  • How are policymakers and companies responding to the challenges of ageing?
  • The future opportunities and challenges of ageing?

The interactive workshop will be limited to 15 participants to allow for discussion. Discussion time will provide an opportunity for you to discuss and consider the impact of demographic change on you and your organisation.


Why should I attend?

Gain a rapid introduction into ageing research and policy in just one day
Network with other organisations interested in ageing
Understand the potential opportunities and challenges which emerge from an ageing society including:

  • the myths and realities of the older consumer
  • the importance of health and care in an ageing society
  • the international context of ageing
  • the role of older workers
  • the role of public policy
  • the role of the private and voluntary sector
  • supporting strong intergenerational relations


Who should attend?
Individuals or organisations:

  • Interested in a rapid introduction to ageing policy and research
  • Interested in marketing to older consumer
  • Interested in how the ageing society will impact on society
  • Interested in managing an older workforce
  • Interested in working with older people

This course will be suitable for people completely new to ageing and to those who want to develop their knowledge and thinking on the issues and challenges ahead.


Dates
The first workshop will take place in central London on Tuesday 24th February 2015; 10:00 - 16:00. Lunch will be included.


Cost
Attendance at workshop:
£400+VAT (corporate)
£250+VAT (not for profit)
Free (ILC-UK Partners Programme Members)

Interested parties must register to attend this course below. We will be unable to accept drop-ins on the day.

Eventbrite - Understanding Ageing – An ILC-UK one day workshop


Cancellations
There is a £50 non-refundable charge on all bookings.
Cancellations within 7 days of the course will be charged 50% of the full cost
Cancellations within 1 day of the course are non-refundable


Other workshops
ILC-UK organise bespoke workshops for organisations and companies, specifically designed to your interests. For example, we will run future sessions on specific aspects of ageing (e.g. dementia; older workers; economics of ageing). ILC-UK also run workshops and present to Corporate and Charity Board’s on the opportunities and challenges of ageing. Please contact David Sinclair  for more information.

Economics of Age,Work and Retirement

Thursday 20th November 2014
M&G Group, Governor’s House, Laurence Pountney Hill, London, EC4R 0HH

On the 20th November we were delighted to hold the launch of a new research report by ILC-UK on the importance of older workers for the European economy. This report was supported by Prudential who also kindly hosted the event.

Shadow Employment Minister, Stephen Timms MP, gave a keynote presentation at the event, discussing the imperitative of supporting older workers.

ILC-UK’s senior researcher Ben Franklin set out the ILC-UK reserach. He talked about:

  •     The extent to which older workers can boost EU economic output over a 30 year period.
  •     The future path of total working age population and employment across EU and member states.
  •     In which countries, increasing the participation of older workers will make the most difference to levels of output and per capita output.
  •     The relative importance of different barriers to working longer across the EU.  

A full set of Ben's slides are available below.
 

The presentation by Stephen Timms MP is available below.

Presentation by Stephen Timms MP

Agenda:
15:00 Registration
15:30 Welcome: Nigel Waterson, ILC-UK Trustee
15.35 Welcome: Tim Fassam, Prudential
15.40 Ben Franklin, ILC-UK, The economic impact of older workers across Europe
16.00 Stephen Timms MP, Shadow Employment Minister
16:30 Q&A and panel discussion
17:30 Close

 

 

Economics of Age,Future of Age,Pensions

Thursday 30th January 2014, 08:30 (for a 09:00 start) – 11:00 in Committee Room G, House of Lords, Westminster, London.

The Financial Services Consumer Panel, (FSCP) recently published a report which argued that the annuity market does not work well for the majority of consumers. The Panel felt that the “complex market” was “failing to deliver good outcomes for many consumers”.

The value of annuities is increasingly being questioned by journalists and opinion formers. Rates are improving but have been relatively low and too few individuals exercise choice or have access to the advice they need. Those in favour of other alternative income options, such as income drawdown, have signalled that it is the end of annuities. Yet, annuities offer significant benefits over other forms of pension income. A guaranteed income for life is considered a better option by some customers.
 
The debate, sponsored by Legal & General, a leading annuity provider, in conjunction with the International Longevity Centre - UK (ILC-UK) was held in the House of Lords, on Thursday 30 January 2014.

During the event we explored what the industry, government and the regulator needs to do to respond to the FSCP challenges and whether annuities are still fit for purpose. Or does the industry need to innovate in product design and access to flexible solutions that meet future customers’ expectations?

The event, chaired by Baroness Sally Greengross, firstly presented the views of a panel of six leading representatives from across the industry who have an interest in the at retirement market outlining whether they believe that annuities are still fit for purposes and if not, what other options they believe should be considered.

The panel included Sue Lewis, Chair of the Financial Services Consumer Panel; Dan Hyde, Personal Finance Editor of the Daily Telegraph; Tom McPhail, Head of Research at Hargreaves Lansdown and Chair of Pension Income Choice Association (PICA); Ros Altmann, Economist and former Downing Street adviser; Jane Vass, Head of Public Policy at Age UK and Tim Gosden, Head of Strategy for Legal & General’s individual annuity business.

Following the panel presentation the debate was then opened to the invited audience which included parliamentarians and senior representatives from across the industry. Senior representatives of charities, think tanks, government departments, regulators and selected media contacts who regularly write on this subject, were also been invited.


Agenda from the event

08:30 – 09:00
Registration and light refreshments
09:00 – 09:10
Introduction from Kerrigan Procter, Managing Director of Legal & General’s Retirement business and Baroness Sally Greengross
09:10 – 10:10
Presentations by the panel
10:10 – 10:55
Open discussion and Q&A
10:55 – 11:00
Close from Chair


View the slides from the presentations below:

Economics of Age

Tuesday 21st January, 15:45pm to 18:30, 11 Tufton Street, London SW1P 3QB

ILC-UK and the Institute for Policy Research and Centre for Death and Society at the University of Bath.

How can the public, private and third sectors support the ageing population in managing the costs associated with dying, including the families and communities that people leave behind?

We know that death rates in England and Wales have fallen to their lowest recorded level. Figures published in 2012 revealed that mortality rates were the lowest ever recorded for England and Wales. There were 6,236 deaths per million population for males and 4,458 deaths per million population for females.

Medical advancement has made significant improvements to death rates. Over the last decade, the death rate for circulatory diseases has fallen by 44%. During the same period, death from cancer decreased by 14% for men and 10% for women, and infant mortality has dropped by 60%. As a result people are living longer, which requires larger incomes and pension pots to ensure these extra years can be afforded.

Yet whilst we have seen significant falls in the number of deaths, the cost of dying has steadily increased.  A recent report  revealed that the average cost of dying has risen to £7,622, representing a 7.1% increase on last year.

There are a range of products and services that contribute to this figure, including the funeral, probate, headstones and flowers. On average, the price of a typical funeral including non-discretionary fees and a burial or cremation is £3,456. The average amount spent on extras such as flowers, catering, limousines and a memorial is £2,006.

This annual increase in the cost of dying is not a one off trend. The average cost of a funeral has risen by 80% between 2004 and 2013. The costs of dying are expected to continue to increase, reaching £4,300 within the next 5 years.

Unsurprisingly, the number of people who are struggling to meet these costs is growing. This year, over 100,000 people will struggle to pay for a funeral. With the average shortfall experienced £1,277, it has been estimated that across the country funeral poverty now stands at £131million, over 50% higher than the £85million estimated 3 years ago.

We know that the long term decline in death rates is about to reverse, with a projected rise in the number of deaths around 15-20% in the next two decades. We also know that right now, with some of the lowest death rates ever recorded, the safety nets provided by the State via the Social Fund Funeral Payment and local authority Public Health Funerals are under pressure. Their sustainability into the future is debatable.

Taking all this into account, it is imperative that the public, private and third sectors work together to support the ageing population – and the generations behind them - to prepare for the costs associated with death, both in terms of their own and their family members. The question we wanted to address in this event is how?

Through this event and report we explored:

  • How have the levels of mortality changed over the past century and what are the future trends?
  • How many people might be in funeral poverty?
  • Will we see more people facing funeral poverty in the future?
  • Can the cost of dying be reduced?
  • Can the Social Fund Funeral Payment be rescued?
  • How can the insurance industry support the costs of dying?
  • How should the Government respond to the impending challenges?

Notes of the discussion will be published in a report by ILC-UK and the University of Bath following the event.


Agenda from the event:

15.45 – 16:00
Registration

16:00 – 16:05
Welcome, Baroness Sally Greengross

16:05 – 17:00
Dr Kate Woodthorpe, University of Bath
Ben Franklin, ILC-UK

Debbie Kerslake, Cruse Bereavement Care
Dean Lamble, Sun Life Direct
Elizabeth Procter, Sue Ryder Care


17:00 – 17:40
Discussion and Q&A

17:40 – 17:45
Close, Baroness Sally Greengross

17.45 – 18:30
Wine reception


The slides from the speakers' presentations are available to view below:

Economics of Age,Future of Age,Pensions,Work and Retirement

Private Breakfast Debate: Monday 30th September, Manchester (Outside the secure zone), 8:00 (for 8:15) to 9:45

Recent research by ILC-UK for Age UK (Tales of the Tallyman) found that three in ten (28% or 1.1 million), older people in debt were considered to be in “problem debt” and struggling to repay what they owed. Ten per cent of older people with unsecured debt – around 400,000 – were paying over £85 a week to service their debt.

It is widely acknowledged that debt problems seriously impact on people’s quality of life and relationships, but for the first time, this research showed that older people who enter problem debt are over twice as likely to experience marital breakdown as those who do not.

Stepchange, the UK’s leading debt charity, have reported growing concerns about older people in debt, reporting that the over 40s owe four times as much money as those aged under 25.

Following a successful partnership in 2010, ILC-UK and Personal Finance Research Centre PFRC at the University of Bristol have teamed up to work together on consumption and wellbeing in later life.  This work has been funded by the Economic and Social Research Council Secondary Data Analysis Initiative.

At this breakfast debate, PFRC at the University of Bristol will present new evidence on the nature of debt in old age. Stepchange will discuss their experience of debt and the older consumer and ILC-UK will present the findings of Tales of the Tallyman.

Following short presentations of the research, participants will be encouraged to debate policy solutions to tackle the challenges highlighted.

If you are interested in attending this breakfast event, please contact Lyndsey Mitchell on events@ilcuk.org.uk.

Economics of Age,Pensions,Quality of Life,Work and Retirement

M&G, Governor's House, Laurence Pountney Hill, EC4R 0HH London

Tuesday 4th June, 08:30 (for 09:00 start) - 10:30

Chaired by: Baroness Sally Greengross (Chief Executive, ILC-UK); Speakers: Dr Stella Creasy MP, Brian Calvert (Financial Advocate, Age UK; Research presented by:
Dr Dylan Kneale (Head of Research, ILC-UK); Panellist: Sally West (Age UK)
 

Debt is commonly assumed to be a problem of the young and not of the old. New research carried out by ILC-UK and supported by Age UK examines the validity of this assumption and sets out the extent to which debt impacts on the lives of older people.

Over recent years, older people, in common with other age groups, have faced significant financial challenges. For older people, lower than expected returns on savings and decreases in annuity rates have reduced the income many retirees were expecting in later life. Increases in energy and food costs are also hitting older people on fixed incomes hard, while older workers are faced with unprecedented job and income insecurity. Could these new challenges have influenced the attitudes and behaviours of older people towards credit usage? And just how accurate are cosy depictions of older people as ‘squirreling savers shunning credit’ compared to the reality?

This new research explores the way in which attitudes towards borrowing vary by age before presenting new findings on levels of problem debt among older people. The characteristics associated with entering problem debt are explored in this research, as well as the outcomes of living with problem debt on the lives of older people.

Dr Dylan Kneale, Head of Research at ILC-UK, presented the findings of the research. Dr Stella Creasy MP, known for her parliamentary work around the field of debt, was a keynote speaker, while Sally West, Income and Poverty Strategy Adviser at Age UK, provided insight into the organisation’s work in providing debt counselling and advice for older people. Tom Wright, Chief Executive of Age UK, and Baroness Sally Greengross, Chief executive of ILC-UK, co-chaired the event and all took part in a panel debate after presentations.

The slides from the event are available below:

Economics of Age,Future of Age,Quality of Life

20th February 2013, Royal College of Physicians of Edinburgh, 9 Queen Street, Edinburgh, EH2 1JQ. 16:00 (for a 16:25 start) – 19:00

On the 20th February, ILC-UK hosted a joint debate with the Actuarial Profession which considered the new ILC-UK report “The cost of our ageing society”.

The report, which was sponsored by Milliman, highlights the projected financial impact of the cost of the world’s ageing population. It argues that governments must do more to reduce the long term cost of ageing to the public purse.

In the report, ILC-UK calls on governments across the world to consider linking eligibility ages of state pension to life expectancy and do more to ensure that the labour market is accessible to older people.

The cost of our ageing society” reveals that:

  • In the UK: the old-age dependency ratio  is expected to rise from 28% to 47% (from around four working-age people for every person aged 65 and over to around two working-age people for every person aged 65 and over) between 2010 and 2060. 
  • In the EU: the old-age dependency ratio is expected to rise from 28% to 58% (from around four working-age people for every person aged 65 and over to under two working-age people for every person aged 65 and over) between 2010 and 2060.  
  • Globally: between 2011 and 2060 the old-age dependency ratio is expected to rise from 16% to 42% (from more than six working-age people for every person aged 65 and over to just over two working-age people for every person aged 65 and over).  

Until recently, the financial impact of demographic change had received only limited macro-economic analysis and a recent report by the IMF argued that “few governments or pension providers adequately recognise longevity risk”.

But over the past three years, we have seen growth in national and international data on the financial cost of future demographic change. The 2009 European Commission sustainability index found that the public finances of the UK, Spain and 10 other European Union countries were at long-term high risk and that “the cost of an ageing population is expected to “dwarf” the impact of the current financial crisis many times over”.

In the Chancellor of the Exchequer’s 2010 Emergency Budget, George Osborne highlighted the scale of the UK challenge ahead, noting that “by 2015-16 we will be spending over £10 billion a year simply to meet the gap between pension contributions and payments to the unfunded pensions they support”.

The Office for Budget Responsibility (OBR) Fiscal Sustainability Report has highlighted the potential impact of current demographic pressures in the UK, stating that “public finances are likely to come under pressure over the longer term, primarily as a result of an ageing population”.

The event considered the findings of “The cost of our ageing society”. It also allowed debate on:

  • Are we adequately considering the long term economic costs of longevity?
  • Or are we overestimating the impact?
  • Are some countries responding better than others to the economic cost of ageing?
  • How can governments across the world best respond to the fiscal challenges of demographic change?
  • How can policymakers best react to the cost of ageing?

Agenda from the event

16:00 – 16:25
Registration with Tea/Coffee

16:25 – 16:30
Welcome by chair

16:30 – 17:15
Presentations on the Cost of Ageing.
Speakers to include: Philip Simpson (Milliman), David Sinclair (ILC-UK), Emma McWilliam (Milliman)

17:15 – 18:00
Panel Discussion/Debate

18:00 – 18:10
“Fiscal sustainability: Demographic change and ageing population – the Scottish Perspective”. Kenneth Gibson MSP. Convenor, Scottish Parliament Finance Committee.

18:10 – 18:25
Questions and discussion

18:30
Close by Chair and Reception

To view the presentation slides from the event, see below:

Care,Economics of Age,Quality of Life

16 October 2012, The Actuarial Profession, Staple Inn Hall, High Holborn, London, WC1V 7QJ, 16:00 (for a 16:30 start) - 18:30

Recently, the EU’s 2012 Ageing Report argued that “the long-term public expenditure projections reveal a daunting challenge for policy makers in the EU… the fiscal impact of ageing is projected to be substantial in almost all Member States, with effects becoming apparent already during the next decade”.

During the event we heard from various speakers on the subject of the cost of our ageing society, and there was an opportunity for delegates to respond.

We considered:

  • Are we adequately considering the long term economic costs of longevity?
  • Or are we overestimating the impact?
  • Are some countries responding better than others to the economic cost of ageing?
  • How can governments across the world best respond to the fiscal challenges of demographic change?
  • How can policymakers best react to the cost of ageing?


ILC-UK will publish a policy brief following the event, summarising the latest thinking on the ‘cost of our ageing society’, drawing in particular on the EU 2012 Ageing Report and the Office of Budget Responsibility’s (OBR) Fiscal Sustainability Report.

Until recently, the financial impact of demographic change had received only limited macro-economic analysis and a recent report by the IMF argued that “few governments or pension providers adequately recognise longevity risk”.

But over the past three years, we have seen growth in national and international data on the financial cost of future demographic change. The 2009 European Commission sustainability index found that the public finances of the UK, Spain and 10 other European Union countries were at long-term high risk and that “the cost of an ageing population is expected to “dwarf” the impact of the current financial crisis many times over”.

In the Chancellor of the Exchequer’s 2010 Emergency Budget, George Osborne highlighted the scale of the UK challenge ahead, noting that “by 2015-16 we will be spending over £10 billion a year simply to meet the gap between pension contributions and payments to the unfunded pensions they support”.

The OBR Fiscal Sustainability Report has highlighted the potential impact of current demographic pressures in the UK, stating that “public finances are likely to come under pressure over the longer term, primarily as a result of an ageing population”.


Agenda from the event:

16:00 – 16:25
Registration with Tea/Coffee

16:25 – 16:30
Welcome by chair, Baroness Sally Greengross (ILC-UK)

16:30 – 16:35
Introduction, Emma McWilliam - Editor of 'Longevity Risk', (Milliman)

16:35 – 17:35
Presentations from:
Per Eckefeldt (European Commission)
Philip Simpson (Milliman)
Daniela Silcock(representing ILC-UK)

17:35 – 18:25
Panel Discussion/Debate with:
Mark Gorman (HelpAge International)
Michelle Mitchell (Age UK)
Colin Redman (The Actuarial Profession)

18:25 – 18:30
Close by chair

18:30 –
Refreshments/Wine

ILC-UK live blogged from this event. To read the blog, please click here. Delegates were also able to join the debate on Twitter with the hashtag #costofageing.

 

Economics of Age,Older Consumers

The Actuarial Profession, Staple Inn Hall, High Holborn, London, WC1V 7QJ, 16:00, 23 November 2010

Older consumers are an increasingly important market for a variety of goods and services. Indeed many companies are already profiting from this market.

Yet at the same time, the dominant view in both academic literature and amongst marketeers is that “the older consumer” is far too often ignored. Research as far back as the 1960s has highlighted the potential of the market whilst at the same time identifying concerns with the private sector’s efficiency at targeting and reaching the older consumer.

Over last 10 years a number of Government reports have recognised the importance of the older consumer. The importance of older consumers was highlighted for example, in the Government’s ageing strategies Opportunity Age (2005) and Building a Society for All Ages (2009).

In April 2009, the BIS report New Industry, New Jobs stated that the Government would draw up an action plan for business and Government on the economic opportunities presented by an ageing society. BIS published an analytical and discussion paper on whether business was ready for an ageing nation in spring 2010.

At this event, ILC-UK launched new research on the older consumer market. The research includes primary and secondary data and incorporates new findings from the PFRC at the University of Bristol.

Minister of State for Universities and Science, David Willetts MP, responded to the research ahead of a panel debate.

The questions we considered during the debate included:

  • Is there market failure in the consumer marketplace?
  • Does industry understand the older market?
  • Is the “older consumer” changing?
  • Is there any such thing as an older consumer?
  • What if anything makes a consumer an older consumer?
  • How can we improve the consumer experience of older people?
  • What do we know about how to reach the older consumer?
  • What role is there for Government intervention?

Agenda from the event:

16.00 – 16.30
Registration and refreshments
16:30 – 16.35
Introduction from the Chair(s)
16.35 – 17.05
“The Older Consumer” David Sinclair, Head of Policy and Research, ILC-UK
17.05 – 17.25
David Willetts MP, Minister of State for Universities and Science
17.30 – 18.30
Questions and panel discussion with Tom Wright (Chief Executive, Age UK), Andy Godfrey (Boots); David Metz (Visiting professor at University College London, member of Financial Services Consumer Panel, and author of ‘Older Richer Fitter: identifying the consumer needs of Britain’s ageing population).
18.30
Close and drinks

Economics of Age,Health

17 February 2010, Royal College of Physicians, Edinburgh and 3 March 2010 the Actuarial Profession, London, 16:00, 17 February 2010

To accommodate an ageing population people will need to work for longer but to what extent is this happening in reality and to what extent do barriers to working longer include poor health?

Kindly supported by Prudential.

To accommodate an ageing population people will need to work for longer but to what extent is this happening in reality and to what extent do barriers to working longer include poor health? Related concerns include the future affordability of pensions and rising cost of health and social care but more generally the strategic issue of maintaining or preferably improving economic prosperity in coming decades.

Drawing on research commissioned by the Prime Ministers Strategy Unit in 2009 and undertaken by Professor Les Mayhew from Cass Business School (http://www.ilcuk.org.uk/files/pdf_pdf_122.pdf), this joint ILC-UK/ Actuarial Profession debate considered the economic impact of increased longevity and healthy life expectancy on the UK economy.

Using extensive data sources, among the illustrative examples it considered:

  • Whether increasing longevity is being matched by increases in healthy life expectancy;
  • the extent to which poor health is a barrier to working for longer;
  • the role prevention/health promotion could play in securing a healthier future and improved economic prospects;
  • whether planned increases in state pension age will deliver the expected large savings in public expenditure and if there are offsetting costs that need to be factored in;
  • supply-side barriers to progress including socio-economic inequality and the role of societal factors such as obesity and mental health; and
  • wider demographic considerations and consequences including population size and immigration.

A copy of the slides presented by Professor Mayhew can be downloaded here: http://www.ilcuk.org.uk/files/pdf_pdf_121.pdf.

Responses to Professor Mayhew’s presentation came from:

  • Jemima Ayton, Life Actuarial Team, Retail Firms Division, Financial Services Authority (3 March);
  • Tom Boardman, Director of Retirement Strategy and Innovation, Prudential (17 February & 3 March, copy of his slides can be downloaded here http://www.ilcuk.org.uk/files/pdf_pdf_120.pdf);
  • Baroness Sally Greengross, International Longevity Centre-UK (3 March);
  • Emily Grundy, Professor of Demographic Gerontology, London School of Hygiene & Tropical Medicine (3 March);
  • Robert Laslett, Private Pensions and Cross-cutting Analysis Director and Chief Economist for Pensions, Department for Work and Pensions (3 March);
  • Duncan Macniven, Registrar General for Scotland, General Register Office for Scotland (17 February);
  • David Manion, Age Concern and Help the Aged, Scotland (17 February);
  • Stewart Ritchie, Past President of the Faculty of Actuaries in Scotland (17 February); and
  • John Storey, Older People and Age Team, Equality Unit, Scottish Government (17 February).

A copy of the report from the event can be downloaded: http://www.ilcuk.org.uk/record.jsp?type=publication&ID=53

Economics of Age,Pensions

The Actuarial Profession, Staple Inn Hall, High Holborn, London, WC1V 7QJ, 16:00, 13 October 2009

Supported by Age Concern and Help the Aged

Within the context of the economic downturn, the ILC-UK, in partnership with the Actuarial Profession and Age Concern and Help the Aged, debated the current state of play in relation to decumulation policy.

The recent historical low in interest rates has highlighted the dependence that some retirees have on their savings. For many pensioners in the UK, perhaps especially those with relatively modest savings held in bank or building society accounts, recent economic events have created uncertainty and for some real financial difficulty. Not only have many seen their incomes fall to unexpectedly low levels but some have faced the fear of losing their money as banks around the world face difficulties or even collapse. In maintaining levels of income, some pensioners may now be eroding their capital.

Speakers at the event were:

  • Professor David Blake, Cass Business School
  • Jane Vass, Age Concern and Help the Aged
  • Jackie Wells, Fellow, ILC-UK
  • Niki Cleal, PPI


The speakers set out their views on different aspects of decumulation. Jane Vass set out new thinking on pension annuities and Jackie Wells presented new work which makes the case for purchased life annuities for people who want a guaranteed income in later life. Jackie's presentation can be downloaded here and her report can be downloaded below. Jane's presentation can be downloaded here. David Blake, Professor of Pension Economics from Cass Business school and Niki Cleal, PPI contributed their expertise on decumulation policy. Niki's presentation can be dowloaded here. Tom Boardman, Prudential joined the panel for the audience discussion.

Thanks to Age Concern and Help the Aged for their support in making this event possible.

Economics of Age

The Actuarial Profession, Staple Inn Hall, High Holborn, London, WC1V 7QJ, 16:30, 16 June 2009

A seminar on public spending and the potential effect of changes in life expectancy.

Considerable uncertainty surrounds projections of future life expectancy in the UK. A central set of assumptions produced by the Government Actuary's Department/ONS is often used in models to project future public expenditure on age-related areas such as pensions and long-term care. However, a number of alternative projections, and alternative methods of making projections, are available.

To date there has been little investigation of what would be the impact of changes in life expectancy projections on age-related public spending. As fiscal consolidation becomes the overarching objective of UK public policy, understanding the potential effect of changes in age-related public spending will be vital to mapping the scope and limits of public policy over the next decade.

The event explored:

  • What alternative methods of estimating life expectancy are available?
  • What would be the impact of variations in life expectancy projections on public spending projections for long-term care and the state pension?


The speakers at the event were:

  • Professor Mike Murphy, LSE
  • Raphael Wittenberg, Personal Social Services Research Unit, LSE
  • Chris Curry, Pensions Policy Institute
Economics of Age

The Actuarial Profession, Staple Inn Hall, High Holborn, London, WC1V 7QJ

16:30, 07 May 2008

An inheritance can transform the life of those lucky enough to receive one. However, as the UK increasingly becomes a society of significant family wealth transfers, this trend may rewrite the rules for public policy across a raft of important areas.

This event saw the launch of 'The Age of Inheritance' and a discussion of what the findings of this research mean for public policy.

The event explored the questions:

  • What do the size of family wealth transfers in this new era mean for social policy and attempts to improve equality of opportunity?
  • What should the Government encourage individuals to do with family wealth transfers, given the objectives of public policy?
  • In light of long-term policy challenges around how best to pay for an ageing population, how does the value of inheritances now being transferred affect this debate?


Following a presentation by James Lloyd of the ILC-UK, a panel of speakers responded to the research:

  • Professor Karen Rowlingson, University of Birmingham
  • Stephen Ladyman MP, Vice Chair, Labour Party
  • Anthony Rafferty, Head of Post Retirement, Norwich Union


The event received coverage in the media here: http://www.guardian.co.uk/society/2008/may/14/socialcare.society/print

Economics of Age

The Actuarial Profession, Staple Inn Hall, High Holborn, London, WC1V 7QJ, 16:30, 11 December 2007

A seminar featuring new research on how individuals perceive and respond to 'social risks', and discussion on how public policy should respond.

Risk is inherent in the choices and decisions that individuals make in multiple aspects of their lives, whether in their careers, financial behaviour, healthcare or family-life. How individuals understand and respond to risk determines outcomes in these different spheres right across the life-course.

Perceptions and responses to risk are therefore of enormous interest to policy-makers. The challenge is in how and whether public policy can “improve” the way that individuals perceive and respond to such ‘social risks’.

This debate began with a presentation of new research by Andreas Cebulla of the National Centre for Social Research exploring risk perceptions and responses among different social and age-groups.

This was followed by a panel and audience discussion addressing the following questions:

  • Is it possible to "improve" individuals' response to risk?
  • If so, is it the role of the Government and public policy to achieve this?
  • How can the Government improve responses and perceptions of risk?
  • Which social and age-groups should be the focus of public policy?


The panel comprised:

  • Robert Walker, Professor of Social Policy, University of Oxford
  • Peter Lunt, Professor of Media and Communications, Brunel University
Economics of Age

The Actuarial Profession, Staple Inn Hall, High Holborn, London, WC1V 7QJ, 16:30, 17 September 2007

How should the Government respond to changing patterns in asset accumulation among different generations? What do the diverse financial experiences of different cohorts mean for society?

Government policy on asset accumulation in the last decade has been dominated by pension reform. However, during this period, enormous changes have taken place in patterns of non-pension wealth and asset holdings among UK citizens. Low interest rates have seen a leap in the value of personal and mortgage debt. House price inflation has seen large increases in the wealth of certain cohorts, leading some commentators to talk of a new ‘wealth transfer’ within society.

These changes have the potential to affect the retirement income of young and old in very different ways. More generally, if a wealth transfer has taken place, does this have implications for equality between the generations, and the mechanisms by which society meets the cost of its ageing population?

This event explored the questions: how should the Government respond to changing patterns in asset accumulation among different generations? What do the diverse financial experiences of different cohorts mean for society?

Speakers for this event included: Chris Giles, Economics Editor of the Financial Times; David Willetts MP; Dr Deborah Cooper of the Actuarial Profession; Nick Prettejohn, Chief Executive of Prudential UK & Europe, and Ian Owen, Chairman of Partnership.

Agenda from the event:

16.00 - 16.30
Registration and tea
16.30 - 16.40
Welcome and introduction:

  • Nick Dumbreck, President of the Institute of Actuaries
  • Baroness Sally Greengross, Chief Executive, ILC-UK

16.40 - 17.00
Presentation by James Lloyd, ILC-UK
17.00 - 17.30
Panel Response
17.30 - 18.25
Debate
18.25 - 18.30
Close by Baroness Sally Greengross
18.30
Drinks

This event was free and open to all; however, registration was required.

Economics of Age

The Actuarial Profession, Staple Inn Hall, WC1V 7QJ, 16:00, 02 November 2006

What are the potential costs of longevity?

This ILC-UK and the Actuarial Profession seminar featured Dr Robert Butler, CEO and Founder of the International Longevity Centre-USA, and a presentation on the potential costs of the longevity revolution in the West.

Dr Butler is an internationally renowned authority on longevity and ageing. He was at the forefront of work to establish that many ‘symptoms’ of old-age are in fact disease-related and, at the US National Institute on Aging, he identified Alzheimer's disease as a national research priority. He introduced the concepts of "Life Review" (1961), "Ageism" (1968) and "Productive Aging" (1983), and, in 1976, won the Pulitzer Prize for ‘Why Survive? Being Old in America’. In 1990, he established the U.S. branch of the International Longevity Center (ILC) at the Mount Sinai Medical Center. He is presently working on a book: The Longevity Revolution.

The slides used in this event are now available for download below.

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Economics of Age

The Actuarial Profession, Staple Inn Hall, High Holborn, London, 13 October 2005

The Adequacy and Distribution of Retirement Resources in England

This ILC-UK and the Actuarial Profession joint seminar featured a presentation from Professor James Banks, of University College London and the Institute of Fiscal Studies, and co-author of the report, ‘The Adequacy of Retirement Resources in England’.

Retirement saving has become a major policy issue in the UK. Since past reforms of the state pension system appear to have reduced the projected cost of this system to a financially sustainable level, the debate in the UK (unlike in much of the rest of Europe) has focused on the adequacy of future pensioner incomes. This, in turn, has led to a focus on increasing the labour market participation of older working age individuals and getting individuals to save greater amounts privately than earlier cohorts. Although this debate was predicated on the assumption that many individuals are not saving ‘enough’ to fund their retirement, a lack of data means that little has been known about the total asset holdings and retirement expectations of the next generation of pensioners, and in particular how it is distributed, to back up this assumption. Using new microdata, the report describes the current distribution of resources held in pensions (state and private) and other forms that could be used to finance the retirement consumption of the next generation of pensioners in England. Combining this evidence with the individual's expectations of working at older ages and receipt of inheritances, the report estimates how many individuals in this cohort are at risk of having inadequate resources for their retirement, and how their retirement income from private pensions might compare to what they currently expect.

The seminar discussed how much income the next cohort of pensions in England can expect to receive in retirement. How will it compare to their current income? Will it be what they are expecting? Where will this income come from? Who is at risk of having an income that could be considered inadequate?

A copy of the slides used by Professor James Banks can be downloaded below.

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