San Francisco, California
London, United Kingdom
ILC-UK and Cass Business School private debate and reception, supported by ILC-UK Partners Programme and hosted by Prudential.
Tuesday 3rd May, 16.30pm (for a 17:00 start) - 18.30, followed by drinks reception
Prudential, M&G, 5 Laurence Poutney Hill, EC4R 0HH
At this event, Professor Les Mayhew will launch new research highlighting a growth in inequalities in life expectancy over recent decades. ILC-UK will facilitate a debate on how future increases in State Pension Age can be fair, given these growing inequalities. The event will be followed by a wine reception.
John Cridland has been appointed by the Government as the Independent Reviewer of State Pension Age. Whilst sustainability of the state pension will be at the forefront of his concerns, Mr Cridland is also likely to consider the impact of inequalities in life expectancy.
Mr Cridland’s recommendation is likely to be based on the Government’s assumption that people should spend a third of their adult lives in retirement. Yet whilst this may seem fair, or indeed generous at an average level, there is a risk that the poorest in society may not live long enough to receive their state benefit or the other benefits available at state pension age (e.g. free bus pass).
ILC-UK’s 2014 research (Linking State Pension Age to Longevity), supported by Age UK, found that measures such as healthy life expectancy and disability-free life expectancy vary significantly by region and social class.
New research by Professor Les Mayhew, to be launched at this event, will reveal that the life expectancy gap between the richest and poorest has begun to increase. The research reveals that the richest 5% of men are living an average of 96.2 years, which is 34.2 years longer than the poorest 10% of men. The gap is 1.7 years wider than in 1993.
There are likely to be significant unintended consequences of further increases to State Pension Age in 2028. Increasing State Pension Age up to levels where disability rates are higher, raises concerns about transferring spending from the State Pension to disability or other working age benefits. Increasing the State Pension Age further might also impact on the supply of carers. And will employers be prepared for further increases in the State Pension Age?
Public policy is beginning to recognise the challenges ahead. The DWP Select Committee are currently conducting an Inquiry into “early drawing of the state pension”. Labour have proposed a flexible state pension age so manual workers can retire earlier than other workers. Are there other, potentially more radical solutions to the inequalities challenge?
Following the presentation of the research by Professor Mayhew, respondents from ILC-UK, industry and the voluntary sector, will explore how public policy should best respond to the growing inequality.
When & Where
International Longevity Centre - UK
The International Longevity Centre-UK is the leading think tank on longevity and demographic change. It is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change. We develop ideas, undertake research and create a forum for debate.