UK - Paternoster has released new research claiming that the true cost of London tube strikes could add £90bn to British pension scheme liabilities.
It comes after a London underground strike, originally planned to last three days, was suspended on 4 September 2007, after the RMT, TFL, and administrators from Metronet, the organisation, responsible for upgrading, replacing and maintaining two-thirds of London Underground's infrastructure, held discussions.
Following the strike, Paternoster said research had found that If London Underground travellers were forced to walk because of the ongoing tube strikes, their life expectancy could increase by up to three years.
Richard Willets, longevity director at Paternoster, said if the three million London Underground travellers continued to walk briskly for 30 minutes every day instead of getting the tube, it could equate to an extra 9 million years of life.
Mark Wood, chief executive at Paternoster, added: “People living longer is one of the major risks that companies running defined benefit pension schemes face. If all members of UK final salary pension schemes were to live three years longer, it would add £90 billion to pension scheme liabilities. For London-based companies, this means pension scheme liabilities could increase by up to 10%.”
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