Commenting on today’s Overview of the UK Population figures that project one in four people in the UK will be aged 65 and over by 2050. Helen Morrissey, pension specialist at Royal London, said:
“Today’s figures show how the structure of the UK population continues to shift towards later ages. While this brings its challenges in terms of how this older population can be supported we must not fall victim to kneejerk reactions to address this situation. Proposals such as those put forward by the Centre for Social Justice to quickly raise state pension age to 75 are a case in point. While people willing and able to work should be encouraged to do so we must not put people in a position where they are effectively forced to work in jobs they are physically unable to do. We need long-term thinking, not knee-jerk reactions.”
About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.