Over a quarter of under 16s to live to 100
Over 3.3 million people in the UK aged 16 and under can expect to celebrate their 100th birthday – over a quarter of that age group according to the latest statistics from the Department for Work and Pensions.
In total, 11 million people alive today are expected to live to 100. Of those 5.4 million are currently aged between 17 and 50, 1.4 million are aged between 51 and 65 and over 900,000 are already aged over 65.
The rise and rise of UK life expectancy
Figures are based on ONS population projections and life expectancy estimates. Data was analysed to produce figures for 2011, looking at how many people currently alive can expect to live to 100.
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Minister for Pensions, Steve Webb, said: “These figures really highlight how life expectancy in this country is changing - millions of people will be spending over a third of their lives in retirement.
“That’s why we’re reforming the state pension system – we want to make it fair and sustainable for future generations and help millions save into a workplace pension, many for the first time.”
While life expectancy in the UK has reached its highest level on record and is set to increase, pension savings are in decline.”
Fraser Smart, managing director of Buck Consultants, comments: "Efforts of the Government to move towards a simpler, fairer system with the introduction of the universal flat-rate state pension could go some way to improving sentiment for young people, but continued complexity in the tax and benefits system remains a potential stumbling block. Proposals for early access, intended to improve the overall level of pension contributions, may well have appealed to the younger demographic.
"However, the Government's decision to reject the move this week could potentially work to further lower incentive for investment. It seems it is pinning its hopes of increasing uptake on the success of auto-enrolment, but there are serious questions over the ability for the system to do so.
“There is a fundamental need to develop a ‘pensions-positive’ environment in the UK, and key to this will be a change in ethos among those at the start of their careers. All stakeholders throughout government and the industry must focus on demystifying the pensions landscape and educating everyone on the benefits of long-term saving, regardless of your ultimate retirement date."
Author: Pensions World
Pensions World is the leading monthly magazine for pensions professionals published by Butterworths Tolley.
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