Legal & General expert responds to pension age change
March 23, 2011 by Timothy Wilkes · Leave a Comment
Joseph Lu, Legal & General’s expert in longevity, has offered his analysis of Chancellor George Osborne’s decision in the Budget yesterday to examine the possibility of automatically linking the pensions age with life expectancy.
Lu explained that the projected increase in longevity would mean an extra 5 million people over the age of 65 in the next 20 years.
In the longer term, figures from the Office of National Statistics project an increase of people aged 65 or more from 17% today to 25% by 2052.
Older people are living longer, with an extra two years, on average, of post-retirement (at age 65) life added during the course of the last decade.
Lu explained that the proportions of people in work and in retirement are likely to drastically shift over the coming years and welcomed the Chancellor’s decision to investigate a means of linking the state pension age to longevity.
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