UK - Britain's rapidly ageing population will create a significant problem for future pensions according to figures released today by the Office of National Statistics (ONS).
The ONS data showed the proportion of over 65 year olds in the UK was due to rise to over a fifth of the population by 2031, up from 16% in 2006.
This would be impacted further by the fall in the number of workers for every person eligible to receive a state pension, which is estimated to drop from 3.3 people per pensioner to 2.9 over the same period.
The figures provide further ammunition for those of retirement age and analysts who have criticised retirement laws for forcing people to stop working, even if they want to continue to do so.
Robert Lang, chief executive officer of HSBC Life commented: “Older people have reported that they feel able to achieve everything they want to. Over three quarters of men and women over retirement age, who continued to work, did so because they wanted to.”
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.