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A record 1.85 million people over 85 years of age in the UK

As we mentioned in one of our earlier posts today, the revelation that there are over 1.8 million people in the UK aged 85 years or more is set to place more pressure on the UK public purse. Aside from the fact that there will be an enormous increase in pension payments it is highly likely that the cost of healthcare and homecare for those in the later years of life will also mushroom substantially over the coming years. So has the government got its forecasts wrong?

Only a few years ago pension-fund actuaries were forced to backtrack and admit that their earlier forecasts for the UK population were wrong and more people were living longer and claiming various pension payments and benefits. As a consequence, we saw a dramatic fall in annuity rates across the market as investors and insurance companies sought to tackle the changing landscape. Today's revelation that 1.85 million people in the UK are now aged 85 years or more is a surprise to the vast majority of people and will ultimately impact on the public purse.

It is highly likely, probably sooner rather than later, that the UK government will introduce greater tax incentives for those looking at their own pension-fund arrangements because ultimately the government cannot afford to fund the state pension forever and a day.

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