UK - Talk of a looming pensions black hole in the UK has been branded scaremongering by leading economist and author Phil Mullan.
In a speech to be delivered to the Society of Pension Consultants in April, Mullan is expected to say issues such as population ageing can easily be allayed provided the nation as a whole keep up the current trend towards greater wealth creation.
“There’s been a lot of talk about pension ‘black holes’ but this is just scaremongering in my view,” said Mullan. “Society can afford to grow old and instead of obsessing over inter-generational wealth - we should focus more on wealth creation.”
Mullan has grounded his claim on the basis that despite the prevalent financial and economic concerns about population ageing, all developed societies have become older and simultaneously wealthier over the past 100 years.
“The solution to this apparent paradox is the trend of rising productivity - more wealth means more resources to go round. The key problem with contemporary worries about ageing is that they rely on projecting the present into the future in a one-sided way, “ Mullan said.
“Other changes will happen for demographic and other reasons: including healthier older people, later working and most importantly productivity growth.”
By Daniel Flatt
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