Launch of ILC-UK Factpack, Ageing, longevity and demographic change, Supported by Legal & General

Monday 22nd July 2013, 10:00 (for 10.30) to 12.15pm, followed by a light lunch and refreshments.
Legal & General, One Coleman Street, London, EC2R 5AA

This important briefing event, for journalists and senior policy-makers and opinion formers, set out the latest evidence on longevity and explore the extent to which government and business (financial services industry) is responding to the challenges. We will consider the extent to which longevity is influencing government and business decisions and how media and policy-makers can help to ensure that important longevity issues are taken into account.

For example, the Government has set out plans to increase the state pension age to 66 years from 2018, and 67 years from 2026. They have also announced plans to automatically link state pension age with increased longevity.

Whilst the driver of change has partly been the need for Government to cut spending and make fiscal savings, there is also a recognition that people will be spending an increasing proportion of their lives in retirement. Although we may be living longer on average, many are likely to be doing so in poor health. In parts of the country life expectancy is much lower than the UK average.

In addition, on 26th June the Government will announce its latest spending review. The impact of future spending demands of an ageing society will undoubtedly influence this review so the event will consider the extent to which Government’s current spending priorities have adequately taken into account long term demographic change and how the private sector can contribute.

The event took place just after the launch of the latest Office of Budget Responsibility fiscal sustainability report which set out the long term impact of ageing on fiscal sustainability. In its 2012 report, the OBR said; “The public finances are likely to come under pressure over the longer term, primarily as a result of an ageing population.”

ILC-UK launched a new factpack, Ageing, longevity and demographic change, which has been produced with the support of Legal & General. The factpack will help those with an interest in population ageing and longevity to quickly access key, relevant statistics.

During the debate we explored:

  • To what extent are we living longer and are we living longer healthily?
  • How can policy-makers and businesses best respond to increased longevity?
  • Whether the Spending Review has adequately considered the impact of longevity in public policy?
  • What the new OBR report considers the “cost of ageing” to be.
  • What is the role of the financial services industry in supporting individuals and the state to manage longevity risk?
  • How policy-makers should consider the impact of inequalities in life expectancy when determining policy?

Speakers: Baroness Sally Greengross, ILC-UK; Kerrigan Procter, Legal & General; Joseph Lu, Legal & General; Professor Les Mayhew, Cass Business School; Professor Michael Murphy, London School of Economics; Tim Gosden, Legal & General; David Sinclair, ILC-UK.

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