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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | February 2009 (16 blogs) | The pension equation that won't work
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The pension equation that won't work
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Seemingly ever-increasing life expectancy is taking its toll on society's attitudes and purse strings. This article, penned by George Magnus, senior economic adviser for UBS investment bank and author of The Age of Aging is well worth a read. Nothing new (especially to people who work in the pensions sector and particularly with defined benefit pension schemes) but thought-provoking nonetheless. And some great statistics too:
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For the first time, Britain's over-65s outnumber people aged under 16.
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By 2035, these two age groups will have grown by 4 million (or nearly 50%), and 500,000, respectively. The working age group in between will be a little smaller. These developments capture the economic essence of ageing populations, namely the sharp rise in economic dependency of older citizens on those of working age.
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For the UK, this means that while there are now four people of working age supporting each pensioner, by 2035 it will be just two and a half, and by 2050 only two.
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17 million baby boomers in the UK, (78 million in the US).
See:
If you’re interested in George’s book here’s a quick link to it on Amazon:
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Mike Jones, MyCompanyPension.co.uk Ltd, February 4th 2009
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