Posted Sat, 02/01/2010 - 12:25 by admin
Pensions News - Saturday 2nd January 2010
How will the ageing UK population impact upon the benefit system? |
|
 |
Saturday 2nd January 2010
At this moment in time there around 10,000 UK citizens who are aged over 100 but this figure is set to increase dramatically in the short to medium term. Forecasts suggest that over 280,000 Britons will be aged over 100 by the year 2050 and there will be around 16 million pensioners in the UK, many under the state pension system. So how will this impact upon the UK benefits system? In many ways the UK government will be hit by a double whammy, with people living longer and the UK population continuing to grow. This will put more and more strain on the UK benefit system and UK finances as a whole and we will either see taxes increase, benefits decrease or a mixture of the two. There is no way that the UK government can continue to fund the benefit system at the current level without major changes across the board. Pension funds will become a vital part of everyday life for those in work today and it is likely that the benefits of the UK state pension will be reduced in real terms in the future. More and more emphasis will be placed upon private pension funds and we may well see a number of tax initiatives introduced in the years ahead, reversing many changes pushed through by Gordon Brown during this time at the Treasury.
»» Return to Homepage |
Comments
by Colston Hicks - 5 Jan 2010 - 05:13
The ageing UK population will have no impact upon the benefit system.If the general lifespan becomes 100, the working lifespan will lenghten from 18/65 to 18/85. There will be plenty of NI contributions to pay benefits.
by Jake - 7 Jan 2010 - 19:02
What a depressing thought. We live longer to work longer? I can assure you that is NOT the way forward.
And anyone who spouts any rubbish about working 'bringing a sense of self' or a 'meaning and direction in life' clearly does not have their priorities right.
by Colston Hicks - 8 Jan 2010 - 02:10
Don't worry,Jake , I am only talking mathematics. My opinion on longevity is that it has not significantly changed in my lifetime of 88.5 years.The pattern is just the same as when my Father died over 90 and his Father died over 90.The promoters of longevity as the cause of the collapse of pensions in the UK ( and the rest of the world)are trying to hide their poor investment in final salary pension scheme funds.
Post new comment