GLOBAL - Most industrialised nations - in particular Italy, Germany and Japan - feel they are not well prepared to deal with the potential implications of global ageing, an international opinion poll has found.
The survey by AARP, a US-based lobby group for elderly Americans, polled opinion leaders from the so-called Group of Seven (G7) nations, which includes France, Germany, Italy, UK, Japan, US and Canada.
While the leaders were aware of the coming impact ageing could have on their respective economies – higher costs for pensions, health care and social services and possible labour shortages – few saw current proactive steps being taken to address the issue, AARP said.
Most believed their public pension systems and employer-based pension plans needed changing to accommodate the impact.
“The survey findings are both important and timely as we gather to discuss the critical issues associated with an ageing workforce,” said Bill Novelli (pictured), AARP’s chief executive officer. Members of the Group of 20 (G20) nations are meeting in Berlin this weekend to discuss wide-ranging economic issues.
AARP said there was strong consensus by those polled that retirement income needs to be provided by a combination of public pensions, employer-based pensions, individual savings and some form of continued employment, creating a “four-legged” stool for a stable economic security in retirement.
“Overall, the need for changes to public retirement systems was seen as more urgent in Europe and Japan than in North America,” AARP said.
“Survey respondents from Italy, France and Germany report a great need for public sector change, however, those polled anticipate low political prospects for achieving these changes.”
The research revealed seven out of 10 opinion leaders felt their countries could handle the challenge of global ageing but fewer than one in ten felt strongly optimistic. Leaders from Germany, Canada and the US were most optimistic while Italy was the least, AARP said.
The survey was conducted in concert with opinion research and consulting firm Wirthlin Worldwide.
The Howden Group Pension Plan has completed a full pensioner buy-in with Legal & General (L&G), insuring benefits for around 2,000 members.
Professional Pensions is looking to update its list of pensions master trusts in the UK ahead of authorisation. Can you help?
Concern about the potential impact on employer covenants has been rated the top risk for defined benefit (DB) schemes, according to a PTL survey.
Jonathan Stapleton says the DWP's progress on CDC is a welcome, and cautious, step forward.