Be the first to like this
We held an event to launch SOS 2020, supported by Aviva and Ernst and Young. This event was kindly sponsored by the Institute and Faculty of Actuaries (IFoA).
Last week the OBR Fiscal Sustainability Report noted that "public finances are likely to come under pressure over the longer term, primarily as the result of an ageing population. Under our definition of unchanged policy, the Government would end up having to spend more as a share of national income on age-related items such as pensions and health care, but the same demographic trends would leave government revenues roughly stable."
But whilst there is greater awareness of the fiscal challenges of ageing, there has been little progress in addressing an overarching plan to address the challenges. ILC-UK is launching SOS 2020 to begin to identify costed solutions to the fiscal challenges of ageing.
The House of Lords Select Committee on Public Service and Demographic Change, in its 2013 report “Ready for Ageing”, began by saying “the UK population is ageing rapidly, but we have concluded that the Government and our society are woefully underprepared.”
SOS 2020 is a major new programme of work led by ILC-UK which will raise awareness of the need to adapt our economy and society to the big strategic challenges posed by an ageing population.
SOS 2020 will outline the specific policy measures needed to achieve this goal. It will illuminate the issues that face us and develop fully considered and costed solutions that will act as a “call to action” to policy-makers and politicians. Above all SOS 2020 aims to raise national and international awareness of problems and possible solutions in which we all have a vested interest.
In an increasingly interdependent world, there is a need to look beyond national shores for arguably collective consensus and joint solutions. SOS 2020 will give us the opportunity to do this.
ILC-UK launched SOS 2020 with specific projects exploring retirement income sustainability and healthcare sustainability.
This launch event gave delegates an opportunity to feed in their thoughts on how to ensure our public policy maximises the opportunities of our ageing society.