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For the third year in a row. ILC-UK launched into the new year with events in Scotland with an upcoming event in England. These events, in partnership with the Actuarial Profession, and supported by Swiss Re, will explore how the perception of retirement is changing and could change in the future.
The original concept of retirement is being eroded. Increasing concern over the costs of retirement has led to a shift of responsibility from Government and the corporate sector to the individual. The State Pension Age has been increased and public and private pensions are being scaled back.
Individuals are likely to have to work longer, contribute more and receive less than earlier generations. However, we need also to reflect that the older population is a very heterogeneous group, and the current balance of public and private funding will vary dramatically across the population.
At the same time we have seen dramatic improvements in life expectancy, and there is a huge opportunity (a longevity dividend) if further increases in life expectancy are spent in good health. This is certainly the case if we don’t just prolong survival for those with disease but delay the onset of disease and its progression. This requires flexibility in encouraging those that can work to work beyond current state pension ages and in focusing healthcare to those that will benefit. It also means changing people's behaviours towards work and retirement by highlighting the implications and restrictions of a long life beyond retirement, dependant on state funding.
At these events we will highlight particular initiatives that might help this period of transition - for example:
• developing agreed metrics of health status;
• cross-generational sharing of concerns so that each generation understands the challenges faced by others;
• moving towards patient-centred healthcare where geriatricians and GPs consider the holistic health of the individual;
• recognising the benefits and costs of preventative medicine and avoiding the trap of always assuming preventative medicine is preferable because it will cost less (it may not);
• provision of a suitable level of post-retirement income for all members of society and understanding what balance of public and private pension provision can help in this aim.
ILC-UK will launch a think piece at these event which will explore the debate outlined above.
Agenda from the event
16:30 – 16:35
Welcome and introduction from chair, Stewart Ritchie, Past President of the Faculty of Actuaries
16:35 – 16:50
Professor Robert Raeside, Professor in Applied Statistics at the School of Accounting, Financial Services and Law, Edinburgh Napier University
16:50 – 17:05
Helen Chung, Swiss Re
17:05 – 17:20
George P Mackenzie, Registrar General and Keeper of the Records
17:20 – 17:35
David Sinclair, ILC-UK
17:35 – 17:40
Panel response: Drummond Black, FSB
17:40 – 18:25
Discussion and Q&A
18.25 - 18.30
Close from chair
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