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Business group issues warning on ‘inadequate pensions’

The latest life expectancy figures from the Office for National Statistics have prompted a leading business group to issue a call for a change of attitudes regarding retirement.

The figures suggest that one in three babies born this year will live to see their 100th birthday, while around 85,000 people aged 65 in 2013 are also expected to celebrate their centenary.

Malcolm Small, Senior Pensions Policy Adviser at the Institute of Directors, said, ‘It is a mark of immense social progress that one in three babies born today will live to be 100, but this holds out the prospect of a 35 year retirement for today’s youngsters’.

‘There is no way such a ‘retirement’ can be funded by the state, or from private saving over a 35 year working life. Today’s children need to understand that they will have much longer working lives, but also healthier and more active lives, than even the current crop of retirees. The demographic reality compels us to take this issue seriously.’

Meanwhile, a separate report from the Institute for Fiscal Studies has warned that people who were born in the 1960s and 1970s will be poorer than the previous generation, marking the end of a trend of rising incomes and living standards that has existed since the Second World War.

Individuals currently in their 40s and 50s are less likely to own a home than those 10 years their senior, and their incomes are no higher, while their private pensions are actually smaller.

We can help you to make the most of your finances, and assist you with planning for a comfortable retirement. Please contact us for further advice.