17 February 2010, Royal College of Physicians, Edinburgh and 3 March 2010 the Actuarial Profession, London, 16:00, 03 March 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