Pensions,Work and Retirement

Wednesday 21st March 2018; London

A private roundtable discussion with Guy Opperman MP, Minister for Pensions and Financial Inclusion for a wide-ranging discussion covering savings, pensions and retirement income.

The discussion will begin with a presentation from ILC-UK’s Assistant Director of Research and Policy Ben Franklin on ‘The Global Savings Gap’, an ILC-UK report, supported by Prudential Plc launched last year featuring survey data from the UK, US and Asia on perceived readiness and expectations for retirements internationally.

The report found:

  • A reliance on public provision plus any current mandatory pension schemes will only be sufficient to deliver adequate retirement incomes in 3 out of the 30 countries and regions we explored for this report.
  • 28 of the 30 countries and regions examined face an intergenerational savings gap. The average amount that someone entering the workforce today will have to save to enjoy the same retirement income adequacy as current retirees is around $5,080 or 12.6% of earnings.
  • If people fail to save in the USA and UK, we project that they will face an intergenerational gap in excess of $10,000 a year (over 20% of earnings.

Since the report’s publication in July 2017 the Government has published its 2017 automatic enrolment review ‘Maintaining the Momentum’ and announced its intention to publish a white paper on defined benefit pensions. We are delighted to have the Minister joining us at our office for the morning to respond to ‘The Global Savings Gap’; elaborate on his Department’s current priorities; answer your questions and discuss your thoughts and concerns.

This event is closed for public.

Older Consumers,Pensions,Work and Retirement

Thursday, 13th July 2017; 15:00 (for 15:15) - 17:00, House of Lords, Palace of Westminster, London SW1A 0PW

Held in the House of Lords on Thursday, 13th July 2017, this roundtable discussion focused on 'The Value of Financial Advice', a report produced by ILC-UK, with the support of Royal London.

Attendees heard from:

  • Report author Ben Franklin, Head of Economics of Ageing, ILC-UK
  • Isobel Langton, CEO, Intermediary, Royal London
  • Sir Steve Webb, Director of Policy, Royal London

The report under discussion is now avaialble to download here.

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:

Pensions,Work and Retirement

Monday 28th November 2016; 12:30 (for 13:00) - 14:30; London

On Monday 28th November 2016, ILC-UK held a private, invitation only roundtable lunch discussion on the pensions and savings challenges facing consumers in the UK, and around the world. The roundtable was attended by Pensions Minister Richard Harrington MP, and was limited to fifteen high‐level participants; the meeting operated under the Chatham House Rule.

The saving for retirement challenge is both local and global. Rising life expectancy is going to put pressure on pensions systems around the world, making it harder for governments to fund PAYG systems and more important that individuals make private savings in order to fund retirement.

A major new project, ‘The Global and Local Savings Challenge: Perceptions Vs Reality’ will feature new survey data from the UK, US and Asia to present a picture of perceived readiness and expectations for retirements internationally. The data, presented and discussed by ILC-UK at the roundtable, includes analysis of global trends in savings rates, the impact on the economy, and the inequalities between the generations.

The final report, to be launched in the New Year after including input from the roundtable, will also conduct original analysis to determine the ability of pensions systems around the world to support incomes in retirement; this will show whether more optimistic countries and regions are justified in their optimism, or whether there is a significant disconnect between expectations. The report, for which we thank Prudential plc for their support, will also examine retirement readiness by UK region.

During this roundtable discussion with pensions and savings experts, participants discussed how best public policy, and the financial services industry can work together to solve the savings challenges facing consumers today, and what the UK can learn from international pensions systems and savings practices.

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

Friday 10th June 2016; 09:15 - 16:30 (followed by a short drinks reception); The Chartered Insurance Institute, 20 Aldermanbury, London EC2V 7HY

On Friday, 10th June 2016, ILC-UK hosted our second Retirement Income Summit, hosted by The Chartered Insurance Institute.

In 2012, ILC-UK organised our first Retirement Income Summit which provided a platform for discussion between 180 policymakers, senior insurance industry experts, business representatives, charities and academics.

Over the past 20 years, huge progress has been made in tackling pensioner poverty. Relative pensioner incomes have increased due to a combination of later retirement, the pensions “triple lock” and increased earning power of the baby boomers.

However, the future for retirement income looks less rosy. Policy change, ongoing demographic change and low investment returns are contributing to significant uncertainty. The new single tier pension will be less generous for the majority in the long term. Fewer people will find themselves receiving the more generous final salary pensions. And incomes of the next generation of retirees look likely to be lower. Three in ten of Britain’s 55-64 year olds do not have any pension savings at all.

With the end of compulsory annuitisation, retirees over the next 20 years will face many more options. Making the wrong decision could result in people living longer than their money or in greater levels of under consumption. Greater risk is being placed in the hands of retirees and there is a question as to what role there might be for collective decumulation in the future.

Navigating the retirement income maze will require greater information, advice and financial capability. Finding new ways of delivering advice to the mass market is vital. Recent and future developments in robo-advice offer some opportunity and regulators will need to find ways to ensure that they do not inadvertently create barriers to greater access to advice. In addition to at retirement financial advice, there is likely to be a growing need for mid retirement financial advice. But how can this be best delivered.

During the Retirement Income Summit, keynote speakers discussed:

  • How can individuals and industry respond best to policy change (pension freedoms, cashing in annuities and possible tax relief changes)?
  • How can future retirement income be guaranteed in a context of continuing demographic change?
  • How can providers and individuals deliver a decent income during a period of low investment returns?
  • How can we overcome consumer distrust and lack of engagement with the industry?
  • How can we deliver advice and financial capability in the future?
  • What will be the future role of housing wealth for retirement income and what is the role of extend working lives?
  • What is the potential for new products to help reduce risk for future generations of retirees?


09:15 – 09:50 - Registration, refreshments will be served
09:50 – 09:55 - Welcome from CII - Laurence Baxter, Head of Policy & Research, The Chartered Insurance Institute
09:55 – 10:00 - Welcome by Chair - Lawrence Churchill, ILC-UK Trustee

Getting young people saving - Discussion
10:00 – 11:00 - Sam Smethers, The Fawcett Society, will chair this session. Panellists include Michelle McGagh; Kate Jopling; Helen Creighton; Claire Walsh

Innovation at retirement. Lessons from the US, opportunities and challenges
11:00 – 11:20 - Chip Castille, Managing Director, Chief Retirement Strategist, BlackRock

11:20 – 11:40 - Break, refreshments will be served

Where next for advice and guidance?
11:40 – 11:50 - Cesira Urzi Brancati, Research Fellow, ILC-UK
11:50 – 12:00 - Michelle Cracknell, Chief Executive, The Pensions Advisory Service (TPAS)
12:00 – 12:50 - Discussion - Panellists include Michelle Cracknell, Chief Executive, The Pensions Advisory Service (TPAS); Cesira Urzi Brancati, Research Fellow, ILC-UK; Jackie Spencer, Pension and Retirement Expert for the UK's Money Advice Service; Claire Walsh, Chartered Financial Planner, Aspect8, Brighton

12:50 – 13:30 - Lunch, refreshments will be served

13:30 - Welcome by Chair - Baroness Sally Greengross, Chief Executive, ILC-UK

Retirement today, retirement tomorrow
13:30 – 13:55 - Ben Franklin, Head of Economics of an Ageing Society, ILC-UK
13:55 – 14:20 - Baroness Jeannie Drake, Member of the Finance Bill Sub-Committee

14:20 – 14:35 - Break, refreshments will be serve

14:35 – 15:00 - Professor David Blake, Professor of Pension Economics, Cass Business School

Pension Freedoms: The Good, the Bad and the Ugly
15:00 – 15:15 - Steve Webb, Director of Policy and External Communications, Royal London
15:15 – 15:30 - Gregg McClymont, Head of Retirement Savings, Aberdeen Asset Management PLC

Where next for Retirement Income? Discussion and closing debate
15:30 – 16:25 - Douglas Anderson, Partner, Hymans Robertson; Andrew Tully, Pensions Technical Director, Retirement Advantage; Gregg McClymont, Head of Retirement Savings, Aberdeen Asset Management PLC; Steve Webb, Director of Policy and External Communications, Royal London

16:25 – 16:30 - Close by chair - Baroness Sally Greengross, Chief Executive, ILC-UK

16:30 - 17:15 - Wine reception

Please see below for the presentations delivered at the Second National Retirement Income Summit 

Health,Quality of Life,Work and Retirement

The International Longevity Centre – UK (ILC-UK), invites you to be an audience member at a high level Inquiry into the relationship between alcohol and employment in the over 50s population in the UK. The Inquiry will be led by the ILC-UK and supported by the Drink Wise Age Well partnership which brings together alcohol and ageing charities and academic institutions from across the UK.

The Inquiry will be held over three dates with each session focussing on a different theme:

Alcohol and over 50s out of work and seeking employment
Monday 18th April; 10:30 – 12:30
Committee Room 3, House of Lords, Palace of Westminster, SW1A 0PW

Eventbrite - Alcohol and over 50s out of work and seeking employment

Alcohol and over 50s currently in employment
Friday 6th May; 10:30 – 12:30
Committee Room 3, House of Lords, Palace of Westminster, SW1A 0PW

Eventbrite - Alcohol and over 50s currently in employment

Alcohol and over 50s transitioning to, or currently in, retirement
Monday 23rd May; 14:30 – 16:30
Committee Room 3, House of Lords, Palace of Westminster, SW1A 0PW

Eventbrite - Alcohol and over 50s transitioning to, or currently in, retirement

You are welcome to attend any one of these Inquiry sessions. To register, click on the buttons above.

Please note that due to House of Lords security regulations, you are required to register for each session you are interested in attending. You will not be permitted entry into the House of Lords if you have not registered.

Drink Wise, Age Well is a Big Lottery Funded programme, set up to address the often hidden problems surrounding alcohol-related harm in the over 50s. As well as providing targeted community interventions, the programme will also be building a robust evidence base to assess what the biggest challenges are surrounding older adults and alcohol-related harm in the UK today. Our research has found that there is an often complex relationship between employment, unemployment, retirement and alcohol amongst the over 50s in the UK which needs to be fully understood.

In light of this, we are holding an Inquiry to reach out and engage with a wide cross section of stakeholders and generate wider political and public awareness, understanding and traction on this issue. Each Inquiry session will hear from expert witnesses, and the evidence emerging will contribute to our next annual State of the Nation report on alcohol-related harm amongst the over 50s.

During each two hour session, each expert will be invited to give an overview of their experiences and views on the topic, and audience members will have an opportunity to speak or ask questions after all of our expert witnesses have delivered their evidence to the Inquiry.

We look forward to welcoming you to any or all of the Inquiry sessions into alcohol, employment and the over 50s. If you have any queries about the Inquiry please do not hesitate to contact ILC-UK on

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:

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

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







Pensions,Work and Retirement

Friday 26th June 2015; 08:00 (for an 08:30 start) – 10:00; Great Hall, Chartered Insurance Institute, 20 Aldermanbury, London, EC2V 7HY

I am delighted to invite you to the ILC-UK’s launch of the new Centre for Later Life Funding. This new body will focus explicitly on finding solutions to the retirement funding issues facing older people and represents a coalition of private sector organisations and charities working to support the funding needs of today’s retirees.

Eventbrite - ILC-UK’s launch of the Centre for Later Life Funding

This Parliament will see sweeping changes to the long term savings and later life funding landscape. There will be the continued roll out of auto-enrolment which should, at least, raise the numbers of people saving for retirement. At the same time, consumers and the pensions industry will be getting accustomed to the new freedom and choice offered to those with defined contribution pension pots. “Freedoms” may well be extended to those who have already annuitised so that they can sell their annuity on for some cash value. And let’s not forget that we will also, finally, see the introduction of the cap on adult social care costs and a new, more generous means test.

This is some agenda, and no doubt there will be further significant policy changes coming over the next five years.

Within this context, this event will explore the big later life funding questions facing the new government, and by implication key stakeholders across the sector:

  • How the freedom and choice agenda relates to retirement planning for later life.
  • How the cap on care costs and the new means test will work in practise.
  • Whether new products and services can be developed to meet care funding needs.
  • How housing wealth could be used to pay for later life costs in an equitable way.
  • What role pensions products can play in funding care in later life.
  • How the integration of health and care might influence the financial planning decisions of individuals.
  • Whether continued fiscal consolidation mean individuals will have to pay more to get quality care and support.

The event will begin with a short presentation outlining the context from the ILC-UK, before a panel discussion with experts giving their considered views. There will also be considerable time given for questions from the audience.

Agenda for the event

08:00 - 08:30

08:30 - 08:35 - Welcome and Opening Comments
Professor Martin Green OBE, Chief Executive, Care England; Chairman, ILC-UK

08:35 - 08:45 - Presentation
Ben Franklin, Head of Economics of an Ageing Society, ILC-UK

08:45 - 09:05 - Panel Responses
Jane Vass, Head of Public Policy, Age UK
Laurence Baxter, Head of Policy and Research, Chartered Insurance Institute
Jackie Wells, Head of Policy & Research, National Association of Pension Funds
Tim Fassam, Head of Public Affairs, Prudential

09:05 - 09:50 - Discussion and Q&A

09:50 - 10:00 - Closing Comments
Professor Martin Green OBE, Chief Executive, Care England; Chairman, ILC-UK

About the Centre for Later Life Funding

The Centre for Later Life Funding is, in part, a continuation of its predecessor body the Care Funding Advice Network (CFAN) – a coalition of organisations and individuals seeking to improve on the Care Bill’s recognition of the need for financial advice.

The Centre represents a significant expansion in terms of scope and output to include regular policy briefings and research papers which consider not just questions about care funding but questions about funding retirement more broadly. We think that the artificial separation of retirement funding from care funding is unhelpful given that long-term care can be one of the biggest costs that people face during their retirement years, and the new “cap” will not change that fact.

We hope you can join us for what should be an important and timely event.

Yours sincerely

Baroness Greengross
Chief Executive of the International Longevity Centre UK

Communities and Housing,Future of Age,Health,Quality of Life,Work and Retirement

Thursday 30th April 2015; Bloomsbury, London; 17:45 (for an 18:00 start) – 19:45, followed by a drinks reception.

BBC Question Time, with David Cameron, Ed Miliband, Nick Clegg, presented by David Dimbleby was shown during the drinks reception following the event.

With a week to go until the General Election took place, ILC-UK and Independent Age organised a debate on Thursday 30th April. Away from the heat and fury of the election campaign, we hoped to create a chance to have a real debate to identify the most important priorities for all political parties, if the UK is truly going to rise to the challenge of a rapidly ageing population, in the next Parliament.

Following the 2014 launch of 2030 Vision: The Best and Worst Futures for Older People in the UK, Independent Age invited more than 30 opinion formers and leading charities and think tanks to blog their views on what we need to do to get ready for demographic change. The blogs kick-started a consultation which saw over 300 people respond, sharing their own hopes and fears of growing older in the UK. The results of this consultation were published in Independent Age’s November 2014 document, ‘2030 Vision: What we have learnt’ –

Six big themes emerged:

  • Ageist attitudes still exist and many people worry they will face discrimination or becoming hidden members of society
  • Older people worry about the cost of living and many fear they are being financially squeezed
  • Older people are increasingly concerned about the future quality and sustainability of health and social care services
  • Older people worry about feeling lonely, but they also have concerns about feeling cut off as digital services increasingly replace face-to-face service provision
  • Older people want to continue making a positive contribution to their neighbourhoods and communities
  • Older people have a keen sense of what’s fair and how their contributions should be rewarded in retirement, but they also worry about how their children and grandchildren will fare

During this debate we considered older people’s main concerns as identified in the consultation and identified the priority areas that any incoming government should focus on. We hope to include these in an open letter which would be sent to the leaders of the three main political parties after the election, outlining how organisations working on older people’s issues believe we can build a better future for older people in the UK.

Speakers and panellists included: Briony Gunstone (YouGov), Caroline Abrahams (Age UK), Claire Turner (JRF) and Paul Cann (Campaign Management Group Partner at Campaign to End Loneliness; CEO, Age UK [Oxfordshire]). The event was chaired by Baroness Sally Greengross (ILC-UK) and Janet Morrison (Independent Age)

Following the debate, delegates were invited to join us for wine and canapés.

This was a private event.

Briony Gunstone's presentation slides from the event are available to view below:

Work and Retirement

Wednesday 22nd April; Friends Life, One New Change, EC4M 9EF, London; 12:00 (for a 12:30 start) - 15:00

You are invited to attend the launch of 'The Missing Million - Recommendations for Action', the third in the series of three Missing Million reports. The event is taking place as part of Responsible Business Week and will see us set out the recommendations that will drive real change on age at work.

The first in the series (The Missing Million: Illuminating the employment challenges of the older 50s) set out the challenge we face – the million people over 50 who have been pushed out of the labour market against their will. The second (The Missing Million: Pathways back into employment) described the barriers older people face as they seek to return to work. This third report sets out our recommendations for action – what business and government can do to prevent early exit from the workplace, and what government can do to support people to stay in work and to work longer, as our population is ageing.

Simon Fanshawe is chairing, and delegates will have the chance to hear from a number of companies including Friends Life, Walgreens Boots Alliance and the Co-Operative about their work on this agenda. We will also hear from the TUC about the practical action they are taking in workplaces to support working longer.

Registration for this event closes on Tuesday 14th April. If you are interested in attending, please register via the link below:

Pensions,Work and Retirement

Monday 16th March 2015; 08:00 (for an 8:30 start) – 10:00; Great Hall, Chartered Insurance Institute, 20 Aldermanbury, London, EC2V 7HY

On the 16th of March we launched “Here today, gone tomorrow: How today’s retirement choices could affect financial resilience over the long term?”, new ILC-UK research made possible with the support of Aviva.

Launching two days before the 2015 budget and less than a month before the new pensions freedoms come into effect, we believe this report is timely. While the new freedoms have been a source of much debate and speculation since they were announced in the Budget of 2014, there has been little or no quantitative research into the long-term impact on retirees’ finances.

This report is the first detailed exploration of what certain choices made today could mean for overall levels of retirement income adequacy over the next 30 years. Using in-depth analysis of the largest representative survey of people over 50 in England (the English Longitudinal Study of Ageing), it quantifies the potential level of consumer harm associated with particular choices and outlines which consumer segments are most at risk of facing income shortfalls if they make certain decisions. It is therefore a must read for industry, regulators, policymakers and consumer bodies.

This report is the first part of a wider programme of ILC-UK work entitled Sustainable Older Society 2020 (SOS 2020). The SOS 2020 project aims to develop intergenerational solutions to deliver an economically sustainable and long term approach to an ageing society. There are two branches to the project, this one which focuses on finance and another with a focus on health.

Chair: Baroness Sally Greengross (ILC-UK)
Speakers included: David Thomson (CII), Ben Franklin (ILC-UK), Jackie Spencer (Money Advice Service), John Lawson (Aviva UK), Jackie Wells (NAPF)

Ben Franklin's slides from the event are available below:

Pensions,Work and Retirement

Monday 23rd February 2015; 10:30 (for an 11:00 start) - 12:30 followed by a sandwich lunch;
M&G, Governor’s House, Laurence Pountney Hill, London, EC4R 0HH

This event was the launch of the new ILC-UK report “Towards a new Pensions Commission”, supported by Prudential.

2015 will mark the 10th Anniversary of the Pensions Commission. Since this time, there have been a whole plethora of policy changes that have affected the pensions landscape, some of which were first proposed by the Pensions Commission and some of which were not.

In a press release issued on the 26th January, ILC-UK project that despite auto-enrolment, the savings ratio is likely to continue to fall up until 2020, posing significant risk to long term retirement incomes.

This new ILC-UK report explores whether or not a new Pensions Commission is necessary and what form such a commission might take.

At this event we discussed the key issues raised in the ILC-UK work including:

  • The impacts of auto-enrolment and changes to the State Pension age
  • The implications of recent macro-economic developments for pensions policy making in the coming years
  • The possible effects of the new pension freedoms
  • The role of a Pensions Commission in the current economic and policy environment

Slides from the event are available below.

Older Consumers,Work and Retirement

Wednesday 14th January 2015; 08:30 (for an 08:45 start) - 10:30; EY, 1 More London Place, London SE1 2AF

During the 2014 Budget, the Chancellor announced widespread reforms for individuals accessing defined contribution pensions at retirement. Most dramatically, he proposed abolishing the effective requirement to annuitise altogether. Under the new system anyone, regardless of the size of their pension pot, will be able to choose between drawdown or other products, annuitisation or full withdrawal, but they need to know what to do.

On 14th January 2015, ILC-UK published a major piece of qualitative and quantitative consumer research which explores how people might behave under the new policy framework and ascertain what their preferences are for taking an income in retirement and why.

During the event and debate we explored:

  • What consumers plan to do as a result of the new pension freedoms?
  • The extent to which consumers understand the decisions they are likely to need to make to best realise an income in retirement
  • How to make guidance and advice effective?

The research has been supported by a consortium of industry partners (Just Retirement, LV, Partnership, Key Retirement and EY).

Agenda from the event

08:30 - 08:45 - Registration

08:45 - 08:50 - Welcome by Chair
Lawrence Churchill (ILC-UK Trustee)

08:50 - 09:00 - Presentation of research
Ben Franklin (Senior Research Fellow, ILC-UK)

09:00 - 09:25 - Presentations from:
The Rt Hon. the Lord Hutton of Furness (Former Secretary of State for Work and Pensions (2005-07); Member of the Public Service and Demographic Change Committee (2013 - 13))
Dean Mirfin (Group Director - KR Group, Key Retirement)
Dr Ros Altmann (UK Government's Older Workers Business Champion)
Maggie Craig (Acting Head of Savings and Investment Division; Policy, Risk & Research Division, Financial Conduct Authority)

09:25 - 10:25 - Discussion and Q&A, including responses from additional panel members:
Jackie Wells (Head of Policy and Research, National Association of Pension Funds (NAPF))
Jane Vass (Head of Public Policy, Age UK)

10:25 - 10:30 - Close by Chair
Lawrence Churchill (ILC-UK Trustee)

Video clips from the event are available to view on YouTube here:

Presentation slides from the event are available to view below:

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

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



Communities and Housing,Future of Age,Older Consumers,Quality of Life,Work and Retirement

Tuesday 18th November 2014; House of Lords, Westminster, London, SW1A 0AA; 15:30 (for a 16:00 start) - 18:00

During 2014, ILC-UK, supported by the specialist insurer Partnership Assurance Group plc (Partnership), undertook a series of events to explore the relationship between our changing demography and public policy.

This was the final event in the Population Patterns Seminar Series and it explored the “silver separators”- divorce later in life. Figures from the Office for National Statistics published in 2012 showed a huge rise in the divorce rate amongst those in their 60s, with an increase of 58% on the 2011 figure. The last 10 years have seen more and more older people part ways, despite divorce amongst the general population becoming less common. This has happened to such an extent that the over 60’s are now the fastest growing divorce group in the UK.

A variety of reasons have been suggested , including a reduction in the stigma surrounding divorce and couples no longer feeling obliged to stay together if their attitudes and needs change.

However, figures released by the ONS in June 2012 revealed that marriages involving older people were also rising faster than for other age groups – up by 21% for women and by 25% for men in their late sixties. Re-partnership is likely to be even higher than these figures suggest, as older people in a new relationship may not choose to remarry.

During the event the discussion explored a number of themes, including:

  • What factors have contributed to the rising rate of divorce amongst the over 60s?
  • How can older people’s relationships be better supported?
  • What challenges does ageing present to relationships?
  • How do care responsibilities effect relationships?
  • What are the potential ramifications of older couples separating?

Agenda for the event

15:30 - 16:00

16:00 - 10:05
Welcome from:
Baroness Sally Greengross (ILC-UK)

16:05 - 16:55
Presentations from:
Richard Willets (Partnership)
Rt Hon Paul Burstow MP (Member of Parliament for Sutton and Cheam)
Ben Franklin (ILC-UK)
Chris Sherwood (Relate)
Barbara Bloomfield (Co-author of ‘The Mature Times Guide to Love and Relationships in Later Life’)

16:55 - 17:55
Discussion and Q&A

17:55 - 18:00
Close from:
Baroness Sally Greengross

Presentation slides from the event:

Longevity,Quality of Life,Work and Retirement

Important notice: This event is now postponed. 

We will be notifying people as soon as this event has been rescheduled 

ILC-UK are launching a new policy report on social connections and wellbeing in older age at The International Longevity Centre – UK (ILC-UK) Boardroom, 11 Tufton Street, London, on Thursday 16th October, 15:30 (for a 16:00 start) – 18:00. This project is a collaboration between UCL and ILC-UK, and was kindly funded by ESRC.

This important report will highlight the key findings of new research, undertaken by Professor Andrew Steptoe, Dr Snorri Rafnsson and Dr Aparna Shankar, identifying the aspects of social connections which are most relevant to well-being in older adults. The research aims to answer a series of questions including:

  • Which aspects of social connections are associated with life satisfaction, quality of life and positive affect in older adults?
  • How does well-being change over time amongst older adults?
  • How does the experience of different caregiving transitions vary with socioeconomic circumstances, health and relationship status?
  • What is the longitudinal impact of caregiving transitions on positive and negative emotional wellbeing in later life?

The report will then link the findings to current policy to make a series of recommendations.

As loneliness and isolation shoot up the public agenda as a priority, this research will add a new dimension to the debate currently being played out in Government and the media. The event will include presentations from the researchers, and responses from a panel of experts, before the debate is opened up to the floor for questions. This will be followed by a wine reception.


Pensions,Quality of Life,Work and Retirement

Sunday 21st September 2014; Green Room, Bridgewater Hall, Lower Mosley St, Manchester, M2 3WS (Outside the secure zone); 18:30 (for 19:00) to 21:00
Exclusive Invitation Only dinner debate

ILC-UK and the University of Manchester, supported by the British Society of Gerontology


A private dinner debate in Manchester during the Labour Party Conference 2014. During the debate we considered how we can maximise the economic benefits of extending working lives whilst minimising the social challenges.

In June, the Government set out a new action plan to help older workers stay in the workplace. The ‘Fuller Working Lives’ framework for action sets out a series of proposals to support extending working lives. It announced the appointment of a new Business Champion for Older Workers.

Encouraging and supporting people to stay on in work longer is likely to be vital to future economic success. Older workers will play a significant role in addressing skills gaps and increasing the average age of retirement is likely to deliver positive results in terms of retirement income.

According to Office for National Statistics estimates, in the next 10 years there will be 700,000 fewer people aged 16 to 49 but 3.7 million more people aged between 50 and State Pension age – a fundamental shift in the age distribution of the UK workforce which industry cannot ignore.

While the UK employment rate for 55 to 64 year olds is around 60% and growing, the recent improvement has been relatively modest compared to many other nations, and several countries achieve employment rates of around 70% or above – so there is significant room for improvement.

During this debate we explored what more can be done to extend working lives and how we can manage the social challenges.

This was an exclusive invitation only dinner debate.

Communities and Housing,Equality and Human Rights,Health,Pensions,Work and Retirement

ILC-UK are currently planning our activities at the 2014 Political Party Conferences. We hope to run a series of events on topics as diverse as pensions, health, employment, care and communities as part of the main party conference fringe programme.

If you are interested in talking to us about sponsoring a fringe event, please do get in touch with David Sinclair or Jessica Watson ( / / 0207 340 0440).

We are also planning our 2014-2015 events programme. We organise 30+ events a year, from small discussion events, through to larger conferences. Our events always “sell out”, and often, very quickly. If you are interested in talking to us about sponsoring an event, please get in touch with David Sinclair or Lyndsey Mitchell at ILC-UK ( / 0207 340 0440).

The International Longevity Centre-UK is the leading think tank on longevity and demographic change. It is an independent, non-partisan think tank dedicated to addressing issues of longevity, ageing and population change.

Work and Retirement

Monday 14 July 2014; Conference Rooms 1, 2 and 3, Legal & General Group Plc, One Coleman Street, London, EC2R 5AA; 14:30 (for a 15:00 start) - 17:00

In June this year, Steve Webb MP, Minister for Pensions set out a new action plan to help older workers stay in the workplace. Launched on 13 June, the ‘Fuller Working Lives’ framework for action details the Government’s new measures to support the economy, workers and businesses, including the appointment of a new Business Champion for Older Workers.

This was an ILC-UK joint event with DWP, and hosted by Legal & General, where Steve Webb MP, Minister for Pensions introduced the new Champion. This was followed by responses from a number of expert panellists who led a debate on the issues affecting an ageing workforce and highlighting priorities for the new Champion to take forward.

According to Office for National Statistics estimates, in the next 10 years there will be 700,000 fewer people aged 16 to 49 but 3.7 million more people aged between 50 and State Pension age – a fundamental shift in the age distribution of the UK workforce which industry cannot ignore.

While the UK employment rate for 55 to 64 year olds is around 60% and growing, the recent improvement has been relatively modest compared to many other nations, and several countries achieve employment rates of around 70% or above – so there is significant room for improvement.

For more details on the framework, please visit

Pensions,Work and Retirement

28th November 2013; 14:30 (for a 15:00 start) – 17:00; ILC-UK, 11 Tufton Street, Westminster, London, SW1P 3QB

Over the next year, ILC-UK, supported by the specialist insurance company, Partnership Assurance Group plc, plans to undertake a series of events to explore the relationship between our changing demography and public policy.

We started the series by exploring how proposals to change the way we undertake our Census may impact on our ability to understand our future society.

The Census was first carried out in 1801 - when the official population of Great Britain was revealed for the first time at 9 million.  But current plans may mean significant changes to the future  collection of data. In September 2013, the ONS initiated a three month consultation on the future of the national Census.

The ONS has proposed two options for reform. Either continuing with a Census each decade, but conducted primarily online; or using annual but smaller surveys in conjunction with existing government administrative data. The motivation is partly cost. However,  the ONS has also stressed that any decision needs to be based not on cost, but on how to get the best and most timely information given technological advances.

Census findings are a tool to help governments allocate spending and plan ahead. The smaller annual survey would identify demographic and social trends more quickly but would be less detailed and comprehensive.

The Census has uncovered social phenomena that would otherwise have remained hidden – slum housing, fertility rates and transport among them. For example, the 1971 Census revealed how many people were living without hot running water. These  findings can have a marked impact on policy. Danny Dorling, Professor of Human Geography at Oxford University, said “If you want to highlight the inequalities in a society there is no better way than to ask everybody how many bedrooms they have and how many people live in their house.”

The case for replacing the traditional Census with an annual alternative is based on a number of tenets, one of which is cost. The 2011 Census cost £480m; in 2021, the cost is expected to be £800m if the same, paper-based system were used. Replacing the Census would also allow for more timely data for planners and decision makers and could potentially avoid statistical surprises such as the unexpectedly big population growth uncovered by the 2011 Census.

The debate has fed into an ILC-UK response to the Census consultation.

Throughout this debate and resulting policy brief we explored:

  • How important is the Census to policy makers and industry (including the financial services industry)?
  • Might the loss of some very local data make identifying exclusion more difficult?
  • Might other datasets prove to be better than the Census in helping us understand our population and how it is changing?
  • Are there any unintended consequences of scrapping the Census in its current form?
  • How can we ensure that reforms to the Census do not risk our understanding of demographic change and ageing?

The write-up from the event can be viewed and downloaded here.


14:30 – 15:00

15:00 – 15:10
Welcome, Norma Cohen (Financial Times)

15:10 – 16:55
Presentations from:
Richard Willets (Director of Longevity, Partnership)
Professor Peter Goldblatt (Deputy Director, Department of Epidemiology & Public Health, UCL Institute of Health Equity)
Professor Heather Joshi (Professor of Economic and Developmental Demography, Emeritus Professor, Centre for Longitudinal Studies, Institute of Education University of London)
Phil Rossall (Research Manager, Age UK)
Professor Ludi Simpson (Beyond 2011 Independent Working group, University of Manchester)


16:55 – 17:00
Close, Norma Cohen (Financial Times)


The presentation slides from the event can be viewed 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

Pensions,Work and Retirement

Tuesday 3rd September, M&G, Governor’s House, Laurence Pountney Hill, London, EC4R 0HH, 16:00 for a 16:30 start – 18:30

Featuring Steve Webb MP, Minister for Pensions; Christopher Brooks, Age UK, and David Sinclair, ILC-UK, presenting findings from a new policy review of European innovations in supporting longer working lives.

Chaired by Baroness Greengross, CEO, ILC-UK and cross-bench peer

Venue: M&G, Governor’s House, Laurence Pountney Hill, London, EC4R 0HH

Date: Tuesday 3rd September, 16:00 for a 16:30 start – 18:30.

Europe needs older workers. Its long-term ageing population and recent economic hardships are creating huge fiscal and demographic pressures - pressures which could be greatly relieved if it can encourage its workers to remain in work for longer.

How is this to be achieved?

The European Union recently launched its Europe 2020 strategy which set employment targets of 75% for workers aged 20-64. However, with the old-age dependency ratio for the EU28 predicted to climb over 50% by 2050, much more still needs to be done.

In this event we heared UK and EU perspectives on how older workers can be supported, with contributions from Steve Webb MP, the UK Minister for Pensions; and Christopher Brooks, Age UK.

To inform this debate, ILC-UK launched a report at the event, supported by Prudential, which shares key policy approaches being taken across to support older workers.

Pensions,Quality of Life,Work and Retirement

House of Lords, Westminster, London; Thursday 13th June; 08:30 (for a 09:00 start) – 10:30
Coffee and light refreshments served from 08:30.

Demographic change means that more people will live past the point where they require care. As the increase in life expectancy looks set to continue, we need to develop enterprising and innovative ways to help people save and plan for this eventuality and bring new money into the care system. If people are to save for their future, especially people who are on lower incomes or are less wealthy, it is essential that they have opportunities to do so in a way that is simple, attractive, engaging, and safe, and which provides them with more choice about the care and support they would like. Equally, they must not be penalised for having done so through means tested support. This is what Personal Care Savings Bonds are intended to be all about.

This event, chaired by Baroness Sally Greengross, talked about the possibility of bringing new money into the social care system through Personal Care Savings Bonds. Co-author, Professor Les Mayhew of Cass Business School, presented this new concept before opening the debate for wider discussion.

'Personal Care Savings Bonds - a new way of saving towards social care in later life' can be downloaded from the ILC-UK Publications page.

The slides from the event can be viewed below:

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:

Pensions,Work and Retirement

23rd April 2013, The Lecture Hall, Methodist Central Hall, Westminster, London, SW1H 9NH, 16:00 (for a 16:30 start) - 18:30

The Committee on Public Service and Demographic Change has today published its report, stating “No Government so far has had a vision and coherent strategy [for an ageing society]; the current Government are no exception and are not doing enough to ensure our country is ready for ageing.

ILC-UK’s response to the Committee's report is available in the news section of our website at

The Committee, which is chaired by Lord Filkin, was appointed on 29th May 2012, to consider public service provision in the light of demographic change. During its evidence sessions it heard from a wide range of different stakeholders, government officials and government Ministers.

Lord Filkin presented the findings of the report at this joint debate with the Actuarial Profession on 23rd April. The report spans issues across ageing policy, reflecting Committee evidence sessions focused on a broad range of topics, from demography through to pension reform, working longer and changing aspirations of old age.

In this debate, we heared responses from key spokespeople, including Justin Russell, the Director for Ageing Society and State Pensions at DWP; David Sinclair from ILC-UK; and commentators from Joseph Rowntree Foundation and Deborah Cooper from the Actuarial Profession. The debate addressed the issues raised in the report, and the recommendations made by the Committee.

This event was live blogged:

Agenda from the event

16:00 - 16:30

16:30 - 16:35
Welcome by Chair

16:35 -17:15
Presentation from:
Lord Filkin (Chair, the House of Lords Public Service and Demographic Change committee)

17:15 - 18:25
Panel Discussion/Q&A
Justin Russell (Director - Ageing Society and State Pensions, Department for Work and Pensions)
David Sinclair (Assistant Director, Policy and Communications, ILC-UK)
Claire Turner (Head of Team (An Ageing Society), Joseph Rowntree Foundation)
Deborah Cooper (Member of the Institute and Faculty of Actuaries’ Council and member of the Institute and Faculty of Actuaries’ Pensions Board)

18:25 - 18:30
Close by Chair

18:30 -
Drinks Reception

The presentation slides from the event are available below:

Pensions,Work and Retirement

7th November 2012, London, 08:30 - 10:00

On the 7th November, we will be hosting a private breakfast launch of ILC-UK’s “Advice and Small Pension Pots” policy report which sets out recommendations to ensure that the many people with small pension funds at retirement do not lose access to financial advice after the introduction of the Retail Distribution Review (RDR) in January 2013.

The report has been produced following the ILC-UK Retirement Income Summit, held at the Actuarial Profession and supported by Aviva and Partnership, earlier this year.

We are inviting journalists, senior politicians and policy experts to attend this launch and discuss the findings.

The implementation of the RDR is a once in a generation chance to raise professional standards in the advice sector and to change the way people pay for financial advice.

However, there is widespread concern that an unintended consequence of its implementation could be that those on modest incomes will be excluded from or priced out of the advice market.

In March 2012 the ILC-UK published a report entitled, The Retail Distribution Review and Small Pension Pots, which explored the impact the RDR would have on access to advice for those with small pension pots.

Alongside the report, the ILC-UK published an open letter to Mark Hoban MP (then Financial Secretary to the Treasury), Steve Webb MP (Minister for Pensions DWP), and Lord Adair Turner (then Chairman of the FSA), highlighting the need for action. The letter was signed by senior politicians across all parties, trade associations, providers, financial advisers and representative bodies. ( )

The decision to purchase an annuity or other retirement income product is extremely important and, for many, a once-in-a-lifetime and irreversible decision. The current situation is already sub-optimal:

  • The difference between the best and worst annuity rates can be up to 40%;
  • Too few exercise or fully understand the benefits of exercising the Open Market Option (OMO - the right to shop around for the best annuity rate)
  • Only 17% of people purchased an enhanced annuity (which can provide greater income in retirement for those who are eligible for health and lifestyle conditions), although 40% or more may be eligible.
  • 70% of those at retirement have pension funds of £40,000 or less

If you would like more information about the event, please contact

Pensions,Work and Retirement

Private meeting at the Labour Party Conference - Manchester

The University of Manchester and the International Longevity Centre – UK will be holding a dinner debate to explore the future of work and retirement for those beyond state pension age.

The introduction of state supported pensions just over 100 years ago resulted in the emergence of “retirement‟ as a specific and substantive period of life. Between 1881 and 2008 the economic activity rates of UK men aged 65+ fell from 74 per cent to 10 per cent.  Yet this trend seems to be changing.

It is now two years since the introduction of the Equality Act, 2010 which made default retirement ages unlawful. Recent research published by the ONS highlighted increasing numbers of people working beyond retirement, many in part time roles. Effective retirement ages have increased over recent decades and working longer can have a positive well-being effect.

Lord Hutton recently argued that “We have designed much of our public policy concerning older people according to an image of life after 65 that is now redundant. The old notion that after this milestone in your life, all you can expect is decline and dependence is hopelessly outdated. We must assume that older people will participate actively in society and in the workplace for longer and to the best of their ability.”

Over dinner, we will explore:

  • the extent to which older people are working beyond 60
  • how the nature of work changes for people beyond 60
  • the future of retirement
  • the extent to which public policy is responding to the working longer agenda
  • why some older people are choosing to work longer and why many others leave the workforce early?
  • the impact of increases in State Pension Age on effective retirement age

We will focus a discussion on explicit policy ideas as to how Government and employers can best support individuals to work longer.

This is a 'by invitation only' event, however if you are interested in attending, please email

Pensions,Work and Retirement

Wednesday, 20 June 2012; 12:30 (for a 12:55 start) to 19:00; The Actuarial Profession, Staple Inn Hall, High Holborn, London WC1V 7QJ

At the end of February 2012, ILC-UK, with the support of Partnership, published a report which explored the impact of the Retail Distribution Review (RDR) on people with small pension pots.

Whilst the report supported the principles of the RDR, it expressed worries about the creation of an ‘advice gap’ where the poorest and least well-off pensioners might fail to receive critical financial advice.

Since the publication of the report, Government, the FSA and HM Treasury have taken forward a number of positive policy initiatives, some of which addressed some of the issues in the ILC-UK report.  The ABI has developed a new code of conduct for members which will support the consumer to take the open market option. The DWP has been developing “operation big pension pot”. And the FSA has published guidance on simplified advice.

However, the problems highlighted in the ILC-UK report are far from solved and there remain a number of immediate challenges. The combination of the end of compulsory annuitisation, the introduction of the RDR, the growth in the number of small pension pots and the introduction of auto enrolment will require further policy action in the short term, and certainly before 1 January 2013.

This summit was convened with a view of creating a policy consensus to tackle the challenges ahead. Following the Summit, ILC-UK will publish a report which sets out the recommendations which emerge from the event.

The Retirement Income Summit focused on three specific themes. Senior representatives from Government, industry and consumer organisations debated

  • Post RDR financial advice may be beyond the means of the average person. How can we fill the advice gap?
  • People with average sized pension pots are entitled to reasonable outcomes. How can we improve the pensions annuity process for the consumer and industry?
  • Good regulation protects the consumer but it must not inadvertently damage the potential of products and services to increase pensioner income? How can we ensure that the length and complexity of communications required by legislation does not damage communications?

Agenda from the event

12:30 - 12:55
Registration / tea & coffee / a light sandwich lunch will be available
12:55 - 13:00
Baroness Sally Greengross
13:00 - 13:30
Gregg McClymont MP – Shadow Pensions Minister
13:30 - 13:45
Lord Kirkwood – former Liberal Democrat Spokesperson for Work and Pensions 2007-10
13:45 - 14:00
Nigel Waterson – ILC-UK Trustee and former Shadow Pensions Minister
14:00 - 15:00
Post RDR financial advice may be beyond the means of the average person. How can we fill the advice gap?
Steve Groves – Partnership
Tom McPhail – Hargreave Lansdown
Roger Marsden – Aviva
15:00 - 15:20
Coffee Break
15:20 - 16:20
Good regulation protects the consumer but it must not inadvertently damage the potential of products and services to increase pensioner income? How can we ensure that the length and complexity of communications required by legislation does not damage communications?
Steve Lowe – Just Retirement
Jeff Prestridge – Mail on Sunday
Dean Mirfin - Key Retirement Solutions
16:20 - 17:20
People with average sized pension pots are entitled to reasonable outcomes. How can we improve the pension’s annuity process for the consumer and industry?
Jane Vass – Age UK
Alan Higham – Retirement Angels
Yvonne Braun – ABI
17:20 - 17:35
“Defined  ambition”
Mike Le Brun – DWP Private Pensions Policy and Analysis Division
17:35 – 17:45
Wrap up: Closing Panel Thoughts
Steve Groves – Partnership
Roger Marsden – Aviva
Close followed by drinks reception
Baroness Sally Greengross

During the course of the afternoon, delegates were asked to vote on a series of policy related questions. See below for the results.

Retirement income summit - voting results

Please view below for the speaker's presentation slides. Please note, speakers were given the option to present without additional slides.

Retirement Income Summit from ILC- UK

Members of the ILC-UK team were blogging from the event.


Pensions,Work and Retirement

European Economic and Social Committee, Bâtiment Jacques Delors (JDE) 99-101, rue Belliard, 1040 Bruxelles. 14:10 for 14:30 start, 18 June 2012

This event was hosted by the European Economic and Social Committee and was kindly supported by Prudential

The recently published White Paper (An Agenda for Adequate, Safe and Sustainable Pensions) highlighted the urgency for European action on pensions. The introduction stated:

Unless women and men, as they live longer, also stay longer in employment and save more for their retirement, the adequacy of pensions cannot be guaranteed as the required increase in expenditure would be unsustainable.

Together, longevity growth and the transition into retirement of the baby-boomers will have far-reaching economic and budgetary consequences in the EU, reducing the economic growth potential and exercising pressure on public finances.  (COM/2012/055)

The Commission highlighted that these challenges are “further aggravated by the current financial and economic crisis.” (COM/2012/055)

Later this year, the European Parliament will be discussing and drafting a report (with MEP Ria Oomen-Ruijten as rapporteur) on the Commission’s White Paper.

This debate considered how Europe's policy framework is supporting and engaging with the long term savings debate through both the Pensions White Paper and future regulation of pensions.

Alongside the debate, ILC will publish a draft report which will

  • Highlight the broad pensions/retirement saving context across Europe
  • Explore the potential context of the economic crisis in relation to pension saving
  • Consider broader cultural and social change which may influence the European role
  • Review recent developments including the Pensions White Paper.

This draft report was debated at the event and ILC will produce a final report incorporating the debate on the day (comments of participants will be non-attributable).

This event was organised by the ILC. There are three ILC members across the European Union. The ILC is an independent, non-partisan charity dedicated to addressing issues of longevity, ageing and population change. We develop ideas, undertake research and create a forum for debate.

ILC is a member of the International Longevity Centre Global Alliance (ILC Global Alliance), a multinational consortium consisting of member organisations. The Global Alliance aims to help societies to address longevity and population ageing in positive and productive ways, typically using a life course approach, highlighting older people's productivity and contributions to family and society as a whole.

The event toot the form of a panel discussion featuring speakers from the European institutions, followed by contributions from the audience.  The discussion, which took place in English, began at 14:30 and finished at 16:45.  Refreshments were available before and afterwards.

Speakers included:

  • Mervyn Kohler, Age Platform Europe Social Protection Group
  • Maureen O’Neill, European Economic and Social Committee
  • David Sinclair, International Longevity Centre
  • Fritz von Nordheim, European Commission
  • Xavier Verboven, Vice President, Labour Market Observatory of the EESC
  • Chris Verhaegen, Chair, EIOPA Occupational Pensions Stakeholder Group
  • Ria Oomen-Ruijten MEP, rapporteur of the European Parliament on the Whitepaper on Pensions
Pensions,Quality of Life,Work and Retirement

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

16:00 for 16.30 start, 25th April 2012.

ILC-UK was delighted to be working with Alliance Boots and the University College London School of Pharmacy to explore why public health has just got ‘personal’ and if such a trend will yield cost savings or cost some groups of society or sections of the economy more than others.

The event also marked the launch of a report produced by Professor David Taylor and Dr Jennifer Gill from the UCL School of Pharmacy, supported by Alliance Boots entitled ‘Active Ageing: Live longer and prosper? Towards realising a second demographic dividend in 21st century Europe’.

The debate focused on the balance between encouraging individual accountability and accepting collective responsibility for achieving longer lives and the consequent implications for health outcomes and cost.

The Coalition Government (like its predecessors) is trying to move away from the ‘nanny state’ towards ‘nudging’ people in the direction of choosing healthier behaviours.

Few people would question the desirability of encouraging more informed personal decision making to prevent avoidable illness. But too much reliance on individual choice and responsibility could fail those most at risk and potentially impose needless costs and losses on individuals, their families and the wider community. Promoting the behavioural and cultural changes needed to deliver better public health and keep NHS and social care costs as affordable as possible remains a pressing and complex challenge.

Subject areas discussed included:

  • The philosophical and political underpinnings of public health policy, including: social solidarity, fairness, entitlement, risk and personal responsibility. Are we in danger of unravelling the principle tenets of the Beveridge model welfare state in ways which may not only disadvantage the most vulnerable, but may in time increase financial pressures on other sectors of society?
  • Determining the boundaries of personal and societal level responsibility, and the legitimate as opposed to illegitimate need for publicly funded care and support. In areas ranging from smoking cessation to reducing the threat of an obesity driven diabetes epidemic, communities have to make tough choices between limiting risks and accepting the consequences of personal, social and corporate freedom.
  • The impact of current trends and possible future policy decisions in areas ranging from the costs of health and life insurance to the price of pensions for individuals and society.
  • The role of private employers in promoting and requiring healthy living.
  • The winners and losers if the trend towards personal responsibility continues, with particular regard to older people and disadvantaged groups and what impact could this trend have on the cost of care?

Agenda from the event:

16:00 – 16:30 
Registration and tea

16:30 – 16:40 
Welcome and introduction from chair, Baroness Sally Greengross

16:40 – 17:05
Professor David Taylor, Professor of Pharmaceutical and Public Health Policy - School of Pharmacy, UCL

17:05 – 17:30
Professor Nick Bosanquet, Professor of Health Policy - Imperial College London

17:30 – 18:25 
Panel Debate and Q&A

  • Tricia Kennerley, Group Healthcare Public Affairs Director - Alliance Boots
  • Martin Green, Chief Executive - English Community Care Association
  • Open debate

18.25 – 18.30 
Summary and close from chair, Baroness Sally Greengross


A copy of the report can be found here

Presentation slides* from the event can be viewed below:
* Professor Nick Bosanquet's slides are currently not availabe for public distribution


Pensions,Quality of Life,Work and Retirement

24th April 2012 16:15 to 19:00 ILC-UK, 11 Tufton Street

The UK has a chronic under-saving problem, which has been exacerbated by the financial crisis and economic downturn.  A high proportion of UK households have little or no saving or investment wealth, and these households are concentrated among those with the lowest incomes. The under-saving problem is compounded by indebtedness, especially for young people, and particularly acute in relation to saving for retirement. Relatively few households are setting aside sufficient funds for retirement.

At this event, ILC-UK launched a new paper, supported by the Friends Provident Foundation, which argues for the creation of a ‘financial citizenship’ framework. In the paper, by Dr Craig Berry and Valentina Serra, ILC-UK argue that whilst our livelihoods have never been more intimately engaged with the financial system, we lack any meaningful sense of what it means to be a citizen in a ‘financialised’ age. A ‘financial citizenship’ framework would outline the respective responsibilities of individuals and the state regarding saving.

Public policy-makers often assume that individuals have a responsibility to save, but the ILC-UK paper questions whether this should be accompanied by a stronger set of rights? The financial citizenship concept seems to complement the more prevalent notions of ‘financial inclusion’ and ‘financial education’ in that it involves addressing failures to interact with financial services (and a lack of capability in relation to, or knowledge about, financial services). Yet citizenship suggests a more expansive or ambitious form of participation, include the right to participate in collective decision-making around the operations of the financial system.

ILC-UK presented “Financial citizenship - Rethinking the state’s role in enabling individuals to save” at this event. The presentation will be followed by a panel response and debate.

During the discussion, we will debate:

  •     When it comes to issues around debt and saving, what exactly are our obligations as responsible members of society?
  •     What kind of resources are we entitled to in order to fulfil our responsibilities?
  •     Do we get a say in how rights and responsibilities are determined?

Agenda from the event

16:15 - 16:30

16:30 - 16:40  
Welcome and introduction: Baroness Sally Greengross

16:40 - 17:00 
Financial Citizenship and Saving: Dr Craig Berry

17:00 - 17:30 
Panel response and debate
Danielle Walker Palmour, Friends Provident Foundation
David Budworth, The Times

17:30 - 18:15
Discussion and debate

18:15 - 18:20
Closing remarks: Baroness Sally Greengross

18:20 -19:00
Drinks reception

A copy of the think-piece, Financial Citizehship, can be found here
Health,Intergenerational,Older Consumers,Work and Retirement

The Actuarial Profession, Staple Inn Hall, High Holborn, London WC1V 7QJ, 16:00, 22 November 2011

A debate considering the health and employment of older workers.

Demographic change means that many organisations now employ greater numbers of older workers. Many of these older workers will carry on working for longer than employees in recent decades for a variety of reasons including rising state pension age, the scrapping of the default retirement age, financial necessity, or simply wanting to continue working.

By many measures, today’s older workers are healthier than in the past - some would even call them “younger” as they retain an active life for longer. However, many chronic health problems such as cardiovascular disease, diabetes and musculoskeletal conditions are more likely to be experienced by older people. While some believe that older workers suffer more ill-health than their younger counterparts, others says older workers take less time off because they are more conscientious and do not call in sick after a night out.

Many of the health problems that older workers suffer can be prevented or managed, but doing so requires a comprehensive approach that involves many actors including the NHS, health professionals, employers and older workers themselves.

The questions that will be considered during the debate include:

  • Do older workers take more or less sick leave than their younger counterparts?
  • What kind of health problems commonly lead to older workers taking sick leave or exiting the workforce early?
  • What government policies exist to help support older workers who experience health problems?
  • What interventions or innovations can minimise or prevent ill health amongst older workers?

Agenda from the event:

16.00 – 16.30
Registration and refreshments

16:30 – 16.35
Welcome by Actuarial Profession co-chair and introduction from co-chair Baroness Sally Greengross, Chief Executive, International Longevity Centre - UK.

16.35 – 17.05
Keynote speech on trends in the health of older workers, Dame Carol Black, Department of Work and Pensions

17.05 – 17.15
Measures and policies designed to support the health of older workers, ILC-UK

17.15 – 17.25
Case study on intervention(s) to support the health of older workers

17.25 – 18.30
Questions and panel discussion with speakers

Close and drinks



Future of Age,Work and Retirement

11 Tufton Street, London, SW1P 3QB, 16:00, 09 December 2010

The seminar allowed for debate on how the meaning of retirement has evolved, and how public policy should respond.

In our report The Future of Retirement, published earlier this year, Dr Craig Berry argued that government plans to raise the State Pension Age would not inevitably lead to an increase in average retirement age.

The Future of Retirement argued that:

  • The meaning of retirement was originally bound up with the receipt of a pension, but most people do not retire at State Pension Age;
  • Good pensions coverage generally increases the likelihood of early retirement, and vice versa. Other things being equal, low-paid/low-skilled workers retire later due to financial compulsion;
  • Over the long-term, defined contribution pension schemes are likely to encourage later retirements, in part due to their inherent incentive structure, but also because they tend to be less generous than defined benefit schemes; and
  • Many older workers seem to favour a gradual transition from work to retirement. Such arrangements could help people to cope with care responsibilities.

Following the publication of the paper, ILC-UK recommended that, if working lives are to be extended, the government needs to give more attention to:

  • Preventative healthcare throughout the life-course;
  • Job quality for older workers;
  • The potential of ‘gradual retirement’, including encouraging employers to offer downshifting options to staff approaching retirement at all levels;
  • Simplifying the pensions system and improving the provision of advice; and
  • The support offered to older people with caring responsibilities.

The report was published ahead of an ILC-UK think piece by Professor John Macnicol, ‘Ageism and Age Discrimination’, which explored the role that ageism plays in determining individuals’ ability to extend their working lives.

This seminar allowed for a debate on the findings from both pieces of work. Craig Berry, a Senior Researcher at ILC-UK at the time, and former policy advisor on pensions at HM Treasury, will present the findings of The Future of Retirement and discuss the current policy context. Professor John Macnicol, a Visiting Professor at LSE and author of ‘The Politics of Retirement in Britain’ and ‘Age Discrimination: An Historical and Contemporary Analysis’ will discuss retirement in historical perspective.

Health,Work and Retirement

The Actuarial Profession, Staple Inn Hall, High Holborn, London, WC1V 7QJ, 16:30, 28 November 2007

The increasing proportion of very old people in the population means that how to 'age well', even in later old age, is now an important issue for policymakers and researchers, as well as for older people themselves.

This debate began with a presentation from Dr Sarah Smith of the London School of Hygiene & Tropical Medicine and will consider what it means to ‘age well’ and whether the extent of social interaction is associated with later health and well-being among the oldest old.

Panel and audience discussions explored the following questions:

  • What role should social activities have in preventive health among older people?
  • How can social activities be facilitated among the oldest cohorts?
  • What is the right balance between the statutory sector, voluntary sector and the individual in enabling social interaction among those in late old age?

The panel comprised:

  • Dr Leila Lessof OBE, former Director of Public Health, Kensington Chelsea & Westminster Health Authority
  • Simon Goodenough, Director of 'Upstream' Healthy Living Centre
  • Ann Bowling, Professor of Health Services Research, UCL
  • Dr Donna Lamping, Department of Public Health and Policy, London School of Hygiene & Tropical Medicine

You can download a copy of the ILC-UK policy brief here.

Health,Work and Retirement

The Actuarial Profession, Staple Inn Hall, High Holborn, 16:00, 05 December 2006

Age and Work in Health and Care: lessons from a European project

This seminar featured a presentation by Professor Phil Taylor of the Faculty of Business and Enterprise at Swinburne University of Technology, Melbourne. The title of the seminar was “Age and Work in Health and Care: lessons from a European project”.

Professor Taylor is widely recognised as a leading international expert on ageing workforces, and was until recently Executive Director of Cambridge University’s Interdisciplinary Research Centre on Ageing.