Tuesday 3rd May; 16.30pm (for a 17:00 start) - 18.30, followed by drinks reception; Prudential, M&G, 5 Laurence Poutney Hill, EC4R 0HH
ILC-UK and Cass Business School private debate and reception, supported by ILC-UK Partners Programme and hosted by Prudential.
At this event, Professor Les Mayhew launched new research highlighting a growth in inequalities in life expectancy over recent decades. ILC-UK facilitated a debate on how future increases in State Pension Age can be fair, given these growing inequalities with contributions from John Cridland, the Government's Independent Reviewer of State Pension Age.
ILC-UK’s 2014 research (Linking State Pension Age to Longevity), supported by Age UK, found that measures such as healthy life expectancy and disability-free life expectancy vary significantly by region and social class.
This new research by Professor Les Mayhew reveals that the life expectancy gap between the richest and poorest has begun to increase. The research reveals that the richest 5% of men are living an average of 96.2 years, which is 34.2 years longer than the poorest 10% of men. The gap is 1.7 years wider than in 1993.
There are likely to be significant unintended consequences of further increases to State Pension Age in 2028. Increasing State Pension Age up to levels where disability rates are higher, raises concerns about transferring spending from the State Pension to disability or other working age benefits. Increasing the State Pension Age further might also impact on the supply of carers. And will employers be prepared for further increases in the State Pension Age?
Public policy is beginning to recognise the challenges ahead. The DWP Select Committee are currently conducting an Inquiry into “early drawing of the state pension”. Labour have proposed a flexible state pension age so manual workers can retire earlier than other workers. Are there other, potentially more radical solutions to the inequalities challenge?
Please see below for the slides delivered by Professor Les Mayhew at the event.
To download the slides, please click the Pdf link below.
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