Ben Franklin - Older Workers in the Eurozone
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The document discusses how raising the labor force participation of older workers in Eurozone countries could help boost their economic recovery. It analyzes three scenarios: keeping participation rates at current levels, gradually increasing rates for those over 65, and gradually increasing rates for those over 50. The results show that even a gradual increase could significantly impact long-term GDP growth rates. However, raising participation alone will not be enough and must be accompanied by policies to improve workforce productivity across the region. The document also examines factors that influence longer working lives and argues that both incentives and health support are needed to harness the potential of older workers.
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On Wednesday 9th November 2016, ILC-UK held it's second annual future of Ageing conference.
We welcomed over 180 delegates made up of business leaders; charity sector experts; public sector decision makers; local authority staff; academics; and senior journalists.
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- Dr Islene Araujo de Carvalho, Senior Policy and Strategy Adviser, Department of Ageing and Life Course, WHO
- John Cridland CBE, Head of the Independent State Pension Age Review
- The Rt Rev. and the Rt Hon. the Lord Carey of Clifton, Archbishop of Canterbury 1991-2002
- Ben Franklin, Head of Economics of an Ageing Society, ILC-UK
- Professor Sarah Harper, Director, Oxford Institute of Population Ageing
- Dwayne Johnson, Director of Social Care and Health at Sefton Metropolitan Borough Council
- Dr Margaret McCartney, Author and Broadcaster
- John Pullinger CB, National Statistician, UK Statistics Authority
- David Sinclair, Director, ILC-UK
- Jonathan Stevens, Senior Vice President, Thought Leadership, AARP
- Linda Woodall, Director of Life Insurance and Financial Advice, and sponsor of the Ageing Population project, Financial Conduct Authority
What is retirement really like? - 01Dec15
Presentation slides from the ILC-UK 'What is retirmeent really like?' launch event on the 1st December 2015.
Building on ILC-UK’s extensive work on older consumers and on retirement income, this major research report assesses the differences between theory or popular belief about retirement and the reality of it.
The report considers how spending varies during old age and challenges pre-existing stereotypes about retired life which can be misleading and may contribute to poor planning or unrealistic expectations. This report, which incorporates new quantitative analysis and the feedback from 3 expert focus groups, will explore the role for policymakers and industry in helping us retire well.
18Nov14 - Silver Separators Presentation
This was the final event in the Population Patterns Seminar Series which explored the “silver separators”- divorce later in life.
Figures from the Office for National Statistics published in 2012 showed a huge rise in the divorce rate amongst those in their 60s, with an increase of 58% on the 2011 figure. The last 10 years have seen more and more older people part ways, despite divorce amongst the general population becoming less common. This has happened to such an extent that the over 60’s are now the fastest growing divorce group in the UK.
A variety of reasons have been suggested, including a reduction in the stigma surrounding divorce and couples no longer feeling obliged to stay together if their attitudes and needs change.
However, figures released by the ONS in June 2012 revealed that marriages involving older people were also rising faster than for other age groups – up by 21% for women and by 25% for men in their late sixties. Re-partnership is likely to be even higher than these figures suggest, as older people in a new relationship may not choose to remarry.
During the event the discussion explored a number of themes, including:
What factors have contributed to the rising rate of divorce amongst the over 60s?
How can older people’s relationships be better supported?
What challenges does ageing present to relationships?
How do care responsibilities effect relationships?
What are the potential ramifications of older couples separating?
Moved to Care launch presentations
This presentation includes the ILC-UK's Ben Franklin and Cesira Urzì Brancati presenting a summary of the Moved to Care report; a response from Dr Shereen Hussein, Senior Research Fellow at King's College London; and a response from Madeleine Sumption, Director of the Migration Observatory.
ILC-UK - The Value of Financial Advice
Launched in the House of Lords on Thursday, 13th July 2017, this report, produced by ILC-UK with the support of Royal London, finds that those who received financial advice in the 2001-2007 period had accumulated significantly more liquid financial assets and pension wealth than their unadvised equivalent peers by 2012-14.
23Jul14 - ILC-UK_SOS 2020_Presentation
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.
31Mar14 - Understanding wellbeing in old age across the world: lessons from a...
Global ageing is calling into question the differences between developed and developing countries.
Developing countries are seeing a growth of non-communicable diseases usually associated with affluence in wealthier countries: obesity; diabetes; cancer; heart disease; dementia; among others.
Urbanisation is posing significant challenges and opportunities, but countries like China are also seeing vast areas of rural hinterland with an increasingly ageing population.
At the same time, a complex picture of wealth and financial satisfaction is emerging across the world. The global economy is more heavily interlinked than ever before with the future economic success of the UK and wealthier countries likely to rely on the success of development in lower and middle income countries. There is a very positive story to tell about wellbeing in developing countries which is rarely heard.
Across the world, transitions are varying in pace, but a common factor facing most parts is ageing.
Focussing on ageing makes good development sense, a fact that policymakers are increasingly recognising. There has been growing interest from academics and policy makers in exploring how to best compare the impact of ageing in a global context.
HelpAge International's Global AgeWatch Index ranks countries by how well their ageing populations are faring.
The EC and UN supported Active Ageing Index (AAI) is an analytical tool that aims to help policy makers produce policies for active and healthy ageing.
The Global Aging Preparedness Index (GAP) was developed by the Center for Strategic and International Studies’ with financial support from Prudential plc. The GAP Index seeks to inform the policy debate about global aging and focus attention on the need for constructive reform.
Following introductory remarks from Chris Roles of Age International, Jessica Watson of ILC-UK presented new work using a major international dataset – the World Values Survey – about levels of self-reported financial satisfaction. Analysing data from 56 countries over six continents, these findings throw new light on levels of financial satisfaction within and between countries. This analysis has been made possible by the ESRC SDAI initiative
17Jul14 - ILC-UK Factpack Launch
Throughout 2014, ILC-UK, supported by specialist insurance company, Partnership Assurance Group plc, is undertaking a series of events to explore the relationship between our changing demography and public policy.
The fourth event in this 'Population Patterns Seminar Series' considered the findings of our ‘Factpack’ of UK demographic statistics.
We all know that people are living longer but how is that likely to change our society? How will pensions be affected? How will we care for our growing older society when the traditional “working age” population is shrinking?
These types of debates are increasingly being played out in the media and in political circles but in order for such debates to be productive, they have to be well informed.
ILC-UK believes its 2014 ‘Factpack’ will support this process by highlighting the most recent evidence of our rapidly ageing society. Not only does it provide statistics on a range of critical topics from life expectancy to housing supply; and pensions to long-term care, it also includes a special focus on the current and potential future state of pensioner poverty.
The event was chaired by Baroness Sally Greengross (ILC-UK) with a welcome from Steve Haberman (Dean of the Cass Business School). We were delighted that Gregg McClymont MP, Shadow Minister (Work and Pensions), spoke at at the launch event. We also heard presentations from Professor Les Mayhew (Professor of Statistics, Cass Business School), Steve Groves (Chief Executive of Partnership), Ben Franklin (Research Fellow at ILC-UK) and a response from Tom Younger of the Department for Work and Pensions.
During the discussion we explored:
How the UK’s demography has changed since the release of the 2013 Factpack and how it might change in the future,
How demographic change is reshaping our society,
The challenge of pensioner poverty,
Regional variations in the experiences of older people,
How policy makers should respond to these findings.
Agenda
16:00 - 16:30 Registration
16:30 - 16:35 Welcome by Chair, Baroness Sally Greengross (ILC-UK)
16:35 - 16:40 Welcome by the Dean of Cass Business School, Professor Stete Habberman
16:40 - 16:50 Presentation from Richard Willets (Partnership)
16:50 - 17:10 Presentation from Gregg McClymont MP (Shadow Minister for Work and Pensions)
17:10 - 17:20 Presentation from Ben Franklin (ILC-UK)
17:20 - 17:30 Presentation from Professor Les Mayhew (Cass Business School) Presentation
17:30 - 17:35 Response from Tom Younger (Department for Work and Pensions)
17:35 - 18:25 Discussion/Q&A
18:25 - 18:30 Close by Chair, Baroness Sally Greengross (ILC-UK)
18:30 - 19:15 Drinks reception
02May14 - The demographic implications of Scottish independence
During 2014, ILC-UK, supported by the specialist insurance company, Partnership Assurance Group plc, is undertaking a series of events to explore the relationship between our changing demography and public policy.
The third event in the series explored the demographic implications of Scottish independence.
In 2014, Scotland will vote in an independence referendum which could significantly change its relationship with the rest of the United Kingdom. An independent Scotland would have a fully independent NHS, control a significant proportion of the North Sea oil reserves and will take on a percentage of the UK national debt.
An independent Scotland would also result in the UK having a new demographic makeup. There are currently a number of marked differences between the two countries which will be highlighted by the division. These include a 2.8 year gap in healthy life expectancy for men, as well as differences in overall life expectancy and mortality rates. Recent figures released by the ONS suggest that the future health of an independent Scotland may actually align with that of the UK. The number of children aged two to 15 either overweight or obese in Scotland is now equal to that of England (30%), and lower than Wales (36%), and Scottish men are significantly more active than their counterparts in both countries.
The seminar explored these differences, as well as how the demography of an independent Scotland may change over time, and what future Scottish Governments (with or without independence) may need to do to adapt to these demographic changes.
Scottish independence would have a number of age-related policy implications for both Scotland and the rest of the United Kingdom. The issue of Scotland’s ageing population has already entered political debate, with the SNP announcing that, if elected, they would make new pensioners £4.40 a month better off than in England, while also pledging to set up a commission looking at the state pension age. The Scottish government has also announced that benefits, tax credits and state pensions would continue to be paid from the first day of independence, but have not addressed how they will meet the challenge of moving schemes from one administration to another.
10Feb14 - Linking SPA to Longevity - ILC-UK
Speaking during the Autumn Statement in December 2013, the Chancellor of the Exchequer, George Osborne MP, confirmed plans which would mean that people should spend a third of their adult lives in retirement.
The 2013 Draft Pensions Bill, currently going through the House of Lords, proposes five-year reviews of the State Pension Age (SPA) with the aim of maintaining the proportion of adult life spent in receipt of a state pension based on increasing life expectancy.
In the UK, reductions in mortality have been accompanied by increased life expectancies over the last century. Between 1911 to 2010, life expectancy in the UK has increased from 49.4 to 78.5 for men and from 53.1 to 82.4 for women. The Chancellor confirmed that the date when the state pension age rises to 68 will be brought forward to the mid-2030s - it had not been due to kick in until 2046 - and the state pension age could rise to 69 by the late 2040s.
A growing number of countries are beginning to link pension age with increases in life expectancy to address the financial impact of an ageing population. Across the OECD, countries are raising retirement ages as life expectancy increases. By 2050, the average state pension age will rise from 63 for men and 62 for women to almost 65 for both sexes. A number of countries in the European Union have linked pension benefits with life expectancy including Spain, Italy, Czech Republic, Denmark, Greece and the Netherlands.
It has been estimated that, from 2007 to 2032, the public expenditure on pensions and related benefits will rise from 4.7% of Gross Domestic Product (GDP) to 6.2%.
But whilst increasing the State Pension Age appears to be a logical step to addressing the financial challenges of an ageing population, the complex interplay of factors impacting on retirement and workforce participation cannot be ignored.
Our event considered some of these challenges such as:
How can increasing the State Pension Age be fair when significant numbers of poorer citizens will reach this age in ill-health (or not at all)?
Which groups lose out most by an increase in state pension age?
How can we respond to the fairness challenge?
The appropriateness of different measures of life expectancy (cohort life expectancy; period life expectancy; healthy life expectancy; disability free life expectancy).
Will increasing the State Pension Age reduce the dependency ratio and extend working lives?
What will be the fiscal impact if an increasing number older people find themselves unable to work and needing to access working age benefits?
At the event, we heared from the Minister for Pensions, Steve Webb MP; ILC-UK Research Fellow, Ben Franklin; Dr Craig Berry, ILC-UK Fellow and Research Fellow at the University of Sheffield; Camilla Williamson, Age UK’s Development and Support Manager, Knowledge Transfer; Professor John MacInnes, a social demographer and Professor of Sociology at the University of Edinburgh.
Maximising the potential of the UK's ageing population. Lessons from Asia and...
On Thursday, 21st April 2016 the International Longevity Centre and the Global Aging Institute hosted a roundtable discussion with European Commissioners on maximising the potential of Europe's ageing population in reference to Asian best practice, supported by Prudential Plc.
The discussion focused on how different Asian countries address the demographic challenge posed by an ageing society, and how they respond to the social mood relating to work and retirement; participants also considered how healthcare can meet the challenges posed by rapidly ageing societies across Europe.
Debt and problem debt among older people 4june13 - presentation
Debt is commonly assumed to be a problem of the young and not of the old. New research carried out by ILC-UK and supported by Age UK examines the validity of this assumption and sets out the extent to which debt impacts on the lives of older people.
Over recent years, older people, in common with other age groups, have faced significant financial challenges. For older people, lower than expected returns on savings and decreases in annuity rates have reduced the income many retirees were expecting in later life. Increases in energy and food costs are also hitting older people on fixed incomes hard, while older workers are faced with unprecedented job and income insecurity. Could these new challenges have influenced the attitudes and behaviours of older people towards credit usage? And just how accurate are cosy depictions of older people as ‘squirreling savers shunning credit’ compared to the reality?
This new research explores the way in which attitudes towards borrowing vary by age before presenting new findings on levels of problem debt among older people. The characteristics associated with entering problem debt are explored in this research, as well as the outcomes of living with problem debt on the lives of older people.
Dr Dylan Kneale, Head of Research at ILC-UK, presented the findings of the research. Dr Stella Creasy MP, known for her parliamentary work around the field of debt, was a keynote speaker, while Sally West, Income and Poverty Strategy Adviser at Age UK, provided insight into the organisation’s work in providing debt counselling and advice for older people. Tom Wright, Chief Executive of Age UK, and Baroness Sally Greengross, Chief executive of ILC-UK, co-chaired the event and all took part in a panel debate after presentations.
Policy Debate: Longevity, health and public policy. How should policy-makers ...
Launch of ILC-UK Factpack, Ageing, longevity and demographic change, Supported by Legal & General
his important briefing event, for journalists and senior policy-makers and opinion formers, set out the latest evidence on longevity and explore the extent to which government and business (financial services industry) is responding to the challenges. We will consider the extent to which longevity is influencing government and business decisions and how media and policy-makers can help to ensure that important longevity issues are taken into account.
For example, the Government has set out plans to increase the state pension age to 66 years from 2018, and 67 years from 2026. They have also announced plans to automatically link state pension age with increased longevity.
Whilst the driver of change has partly been the need for Government to cut spending and make fiscal savings, there is also a recognition that people will be spending an increasing proportion of their lives in retirement. Although we may be living longer on average, many are likely to be doing so in poor health. In parts of the country life expectancy is much lower than the UK average.
In addition, on 26th June the Government will announce its latest spending review. The impact of future spending demands of an ageing society will undoubtedly influence this review so the event will consider the extent to which Government’s current spending priorities have adequately taken into account long term demographic change and how the private sector can contribute.
The event took place just after the launch of the latest Office of Budget Responsibility fiscal sustainability report which set out the long term impact of ageing on fiscal sustainability. In its 2012 report, the OBR said; “The public finances are likely to come under pressure over the longer term, primarily as a result of an ageing population.”
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Speakers: Baroness Sally Greengross, ILC-UK; Kerrigan Procter, Legal & General; Joseph Lu, Legal & General; Professor Les Mayhew, Cass Business School; Professor Michael Murphy, London School of Economics; Tim Gosden, Legal & General; David Sinclair, ILC-UK.
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Economics of Age,Equality and Human Rights,Future of Age,Intergenerational
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The first scoping review of its kind to examine the development of the ECW role, this qualitative investigation will be published on Wednesday, 22nd June. It was compiled from a number of interviews with individuals from all levels of the care home sector, including managers, Registered Nurses, ECWs, and high-level representatives from organisations that oversee a number of care homes.
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Personal care savings bonds
Demographic change means that more people will live past the point where they require care. As the increase in life expectancy looks set to continue, we need to develop enterprising and innovative ways to help people save and plan for this eventuality and bring new money into the care system. If people are to save for their future, especially people who are on lower incomes or are less wealthy, it is essential that they have opportunities to do so in a way that is simple, attractive, engaging, and safe, and which provides them with more choice about the care and support they would like. Equally, they must not be penalised for having done so through means tested support. This is what Personal Care Savings Bonds are intended to be all about.
ILC-UK Future of Ageing Conference
On the 24th November 2015, we held our first annual conference on 'The Future of Ageing'.
During this full day conference we painted a picture of the future of ageing and explored the challenges and opportunities ahead. Through our unique lifecourse focus we explored the potential impact of ageing not just on today’s older population, but also on tomorrows.
We heard presentations from:
- Steven Baxter (Partner, Hymans Robertson);
- Lord Filkin (Chair of the Centre for Ageing Better and Chair of the House of Lords Committee on Public Service and Demographic Change);
- Lord Willetts (Executive Chair at Resolution Foundation, and former Minister of State [Department for Business, Innovation and Skills]);
- Paul Johnson (Director, Institute for Fiscal Studies);
- Baroness Altmann (Minister for Pensions);
- Professor Jane Elliott (Chief Executive, Economic and Social Research Council);
- Professor Sir Mark Walport (Government Chief Scientific Adviser [GCSA] and Head of the Government Office for Science);
- Jim Boyd (Director of Corporate Affairs, Partnership);
- Elaine Draper (Director, Accessibility & Inclusion, Barclays);
- Mario Ambrosi (Head of Communications and Public Affairs, Anchor);
- Baroness Kay Andrews (Member of the House of Lords Built Environment Committee, Former Parliamentary Under-Secretary (Department for Communities and Local Government) 2006-2009);
- Professor Ian Philp (Deputy Medical Director for Older People’s Care, Heart of England NHS Foundation Trust).
The conference was chaired by Baroness Sally Greengross (Chief Executive, ILC-UK) and Lawrence Churchill (Trustee, ILC-UK).
30Jan14: Are annuities fit for purpose?
The Financial Services Consumer Panel, (FSCP) recently published a report which argued that the annuity market does not work well for the majority of consumers. The Panel felt that the “complex market” was “failing to deliver good outcomes for many consumers”.
The value of annuities is increasingly being questioned by journalists and opinion formers. Rates are improving but have been relatively low and too few individuals exercise choice or have access to the advice they need. Those in favour of other alternative income options, such as income drawdown, have signalled that it is the end of annuities. Yet, annuities offer significant benefits over other forms of pension income. A guaranteed income for life is considered a better option by some customers.
The debate, sponsored by Legal & General, a leading annuity provider, in conjunction with the International Longevity Centre - UK (ILC-UK) was held in the House of Lords, on Thursday 30 January 2014.
During the event we explored what the industry, government and the regulator needs to do to respond to the FSCP challenges and whether annuities are still fit for purpose. Or does the industry need to innovate in product design and access to flexible solutions that meet future customers’ expectations?
The event, chaired by Baroness Sally Greengross, firstly presented the views of a panel of six leading representatives from across the industry who have an interest in the at retirement market outlining whether they believe that annuities are still fit for purposes and if not, what other options they believe should be considered.
The panel included Sue Lewis, Chair of the Financial Services Consumer Panel; Dan Hyde, Personal Finance Editor of the Daily Telegraph; Tom McPhail, Head of Research at Hargreaves Lansdown and Chair of Pension Income Choice Association (PICA); Ros Altmann, Economist and former Downing Street adviser; Jane Vass, Head of Public Policy at Age UK and Tim Gosden, Head of Strategy for Legal & General’s individual annuity business.
Following the panel presentation the debate was then opened to the invited audience which included parliamentarians and senior representatives from across the industry. Senior representatives of charities, think tanks, government departments, regulators and selected media contacts who regularly write on this subject, were also invited.
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ILC-UK Future of Ageing Presentation Slides - 09Nov16
On Wednesday 9th November 2016, ILC-UK held it's second annual future of Ageing conference.
We welcomed over 180 delegates made up of business leaders; charity sector experts; public sector decision makers; local authority staff; academics; and senior journalists.
The one day conference was chaired by Baroness Slly Greengross OBE and Lawrence Churchill CBE, and we heard from the following speakers:
- Dr Islene Araujo de Carvalho, Senior Policy and Strategy Adviser, Department of Ageing and Life Course, WHO
- John Cridland CBE, Head of the Independent State Pension Age Review
- The Rt Rev. and the Rt Hon. the Lord Carey of Clifton, Archbishop of Canterbury 1991-2002
- Ben Franklin, Head of Economics of an Ageing Society, ILC-UK
- Professor Sarah Harper, Director, Oxford Institute of Population Ageing
- Dwayne Johnson, Director of Social Care and Health at Sefton Metropolitan Borough Council
- Dr Margaret McCartney, Author and Broadcaster
- John Pullinger CB, National Statistician, UK Statistics Authority
- David Sinclair, Director, ILC-UK
- Jonathan Stevens, Senior Vice President, Thought Leadership, AARP
- Linda Woodall, Director of Life Insurance and Financial Advice, and sponsor of the Ageing Population project, Financial Conduct Authority
What is retirement really like? - 01Dec15
Presentation slides from the ILC-UK 'What is retirmeent really like?' launch event on the 1st December 2015.
Building on ILC-UK’s extensive work on older consumers and on retirement income, this major research report assesses the differences between theory or popular belief about retirement and the reality of it.
The report considers how spending varies during old age and challenges pre-existing stereotypes about retired life which can be misleading and may contribute to poor planning or unrealistic expectations. This report, which incorporates new quantitative analysis and the feedback from 3 expert focus groups, will explore the role for policymakers and industry in helping us retire well.
18Nov14 - Silver Separators Presentation
This was the final event in the Population Patterns Seminar Series which explored the “silver separators”- divorce later in life.
Figures from the Office for National Statistics published in 2012 showed a huge rise in the divorce rate amongst those in their 60s, with an increase of 58% on the 2011 figure. The last 10 years have seen more and more older people part ways, despite divorce amongst the general population becoming less common. This has happened to such an extent that the over 60’s are now the fastest growing divorce group in the UK.
A variety of reasons have been suggested, including a reduction in the stigma surrounding divorce and couples no longer feeling obliged to stay together if their attitudes and needs change.
However, figures released by the ONS in June 2012 revealed that marriages involving older people were also rising faster than for other age groups – up by 21% for women and by 25% for men in their late sixties. Re-partnership is likely to be even higher than these figures suggest, as older people in a new relationship may not choose to remarry.
During the event the discussion explored a number of themes, including:
What factors have contributed to the rising rate of divorce amongst the over 60s?
How can older people’s relationships be better supported?
What challenges does ageing present to relationships?
How do care responsibilities effect relationships?
What are the potential ramifications of older couples separating?
Moved to Care launch presentations
This presentation includes the ILC-UK's Ben Franklin and Cesira Urzì Brancati presenting a summary of the Moved to Care report; a response from Dr Shereen Hussein, Senior Research Fellow at King's College London; and a response from Madeleine Sumption, Director of the Migration Observatory.
ILC-UK - The Value of Financial Advice
Launched in the House of Lords on Thursday, 13th July 2017, this report, produced by ILC-UK with the support of Royal London, finds that those who received financial advice in the 2001-2007 period had accumulated significantly more liquid financial assets and pension wealth than their unadvised equivalent peers by 2012-14.
23Jul14 - ILC-UK_SOS 2020_Presentation
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.
31Mar14 - Understanding wellbeing in old age across the world: lessons from a...
Global ageing is calling into question the differences between developed and developing countries.
Developing countries are seeing a growth of non-communicable diseases usually associated with affluence in wealthier countries: obesity; diabetes; cancer; heart disease; dementia; among others.
Urbanisation is posing significant challenges and opportunities, but countries like China are also seeing vast areas of rural hinterland with an increasingly ageing population.
At the same time, a complex picture of wealth and financial satisfaction is emerging across the world. The global economy is more heavily interlinked than ever before with the future economic success of the UK and wealthier countries likely to rely on the success of development in lower and middle income countries. There is a very positive story to tell about wellbeing in developing countries which is rarely heard.
Across the world, transitions are varying in pace, but a common factor facing most parts is ageing.
Focussing on ageing makes good development sense, a fact that policymakers are increasingly recognising. There has been growing interest from academics and policy makers in exploring how to best compare the impact of ageing in a global context.
HelpAge International's Global AgeWatch Index ranks countries by how well their ageing populations are faring.
The EC and UN supported Active Ageing Index (AAI) is an analytical tool that aims to help policy makers produce policies for active and healthy ageing.
The Global Aging Preparedness Index (GAP) was developed by the Center for Strategic and International Studies’ with financial support from Prudential plc. The GAP Index seeks to inform the policy debate about global aging and focus attention on the need for constructive reform.
Following introductory remarks from Chris Roles of Age International, Jessica Watson of ILC-UK presented new work using a major international dataset – the World Values Survey – about levels of self-reported financial satisfaction. Analysing data from 56 countries over six continents, these findings throw new light on levels of financial satisfaction within and between countries. This analysis has been made possible by the ESRC SDAI initiative
17Jul14 - ILC-UK Factpack Launch
Throughout 2014, ILC-UK, supported by specialist insurance company, Partnership Assurance Group plc, is undertaking a series of events to explore the relationship between our changing demography and public policy.
The fourth event in this 'Population Patterns Seminar Series' considered the findings of our ‘Factpack’ of UK demographic statistics.
We all know that people are living longer but how is that likely to change our society? How will pensions be affected? How will we care for our growing older society when the traditional “working age” population is shrinking?
These types of debates are increasingly being played out in the media and in political circles but in order for such debates to be productive, they have to be well informed.
ILC-UK believes its 2014 ‘Factpack’ will support this process by highlighting the most recent evidence of our rapidly ageing society. Not only does it provide statistics on a range of critical topics from life expectancy to housing supply; and pensions to long-term care, it also includes a special focus on the current and potential future state of pensioner poverty.
The event was chaired by Baroness Sally Greengross (ILC-UK) with a welcome from Steve Haberman (Dean of the Cass Business School). We were delighted that Gregg McClymont MP, Shadow Minister (Work and Pensions), spoke at at the launch event. We also heard presentations from Professor Les Mayhew (Professor of Statistics, Cass Business School), Steve Groves (Chief Executive of Partnership), Ben Franklin (Research Fellow at ILC-UK) and a response from Tom Younger of the Department for Work and Pensions.
During the discussion we explored:
How the UK’s demography has changed since the release of the 2013 Factpack and how it might change in the future,
How demographic change is reshaping our society,
The challenge of pensioner poverty,
Regional variations in the experiences of older people,
How policy makers should respond to these findings.
Agenda
16:00 - 16:30 Registration
16:30 - 16:35 Welcome by Chair, Baroness Sally Greengross (ILC-UK)
16:35 - 16:40 Welcome by the Dean of Cass Business School, Professor Stete Habberman
16:40 - 16:50 Presentation from Richard Willets (Partnership)
16:50 - 17:10 Presentation from Gregg McClymont MP (Shadow Minister for Work and Pensions)
17:10 - 17:20 Presentation from Ben Franklin (ILC-UK)
17:20 - 17:30 Presentation from Professor Les Mayhew (Cass Business School) Presentation
17:30 - 17:35 Response from Tom Younger (Department for Work and Pensions)
17:35 - 18:25 Discussion/Q&A
18:25 - 18:30 Close by Chair, Baroness Sally Greengross (ILC-UK)
18:30 - 19:15 Drinks reception
02May14 - The demographic implications of Scottish independence
During 2014, ILC-UK, supported by the specialist insurance company, Partnership Assurance Group plc, is undertaking a series of events to explore the relationship between our changing demography and public policy.
The third event in the series explored the demographic implications of Scottish independence.
In 2014, Scotland will vote in an independence referendum which could significantly change its relationship with the rest of the United Kingdom. An independent Scotland would have a fully independent NHS, control a significant proportion of the North Sea oil reserves and will take on a percentage of the UK national debt.
An independent Scotland would also result in the UK having a new demographic makeup. There are currently a number of marked differences between the two countries which will be highlighted by the division. These include a 2.8 year gap in healthy life expectancy for men, as well as differences in overall life expectancy and mortality rates. Recent figures released by the ONS suggest that the future health of an independent Scotland may actually align with that of the UK. The number of children aged two to 15 either overweight or obese in Scotland is now equal to that of England (30%), and lower than Wales (36%), and Scottish men are significantly more active than their counterparts in both countries.
The seminar explored these differences, as well as how the demography of an independent Scotland may change over time, and what future Scottish Governments (with or without independence) may need to do to adapt to these demographic changes.
Scottish independence would have a number of age-related policy implications for both Scotland and the rest of the United Kingdom. The issue of Scotland’s ageing population has already entered political debate, with the SNP announcing that, if elected, they would make new pensioners £4.40 a month better off than in England, while also pledging to set up a commission looking at the state pension age. The Scottish government has also announced that benefits, tax credits and state pensions would continue to be paid from the first day of independence, but have not addressed how they will meet the challenge of moving schemes from one administration to another.
10Feb14 - Linking SPA to Longevity - ILC-UK
Speaking during the Autumn Statement in December 2013, the Chancellor of the Exchequer, George Osborne MP, confirmed plans which would mean that people should spend a third of their adult lives in retirement.
The 2013 Draft Pensions Bill, currently going through the House of Lords, proposes five-year reviews of the State Pension Age (SPA) with the aim of maintaining the proportion of adult life spent in receipt of a state pension based on increasing life expectancy.
In the UK, reductions in mortality have been accompanied by increased life expectancies over the last century. Between 1911 to 2010, life expectancy in the UK has increased from 49.4 to 78.5 for men and from 53.1 to 82.4 for women. The Chancellor confirmed that the date when the state pension age rises to 68 will be brought forward to the mid-2030s - it had not been due to kick in until 2046 - and the state pension age could rise to 69 by the late 2040s.
A growing number of countries are beginning to link pension age with increases in life expectancy to address the financial impact of an ageing population. Across the OECD, countries are raising retirement ages as life expectancy increases. By 2050, the average state pension age will rise from 63 for men and 62 for women to almost 65 for both sexes. A number of countries in the European Union have linked pension benefits with life expectancy including Spain, Italy, Czech Republic, Denmark, Greece and the Netherlands.
It has been estimated that, from 2007 to 2032, the public expenditure on pensions and related benefits will rise from 4.7% of Gross Domestic Product (GDP) to 6.2%.
But whilst increasing the State Pension Age appears to be a logical step to addressing the financial challenges of an ageing population, the complex interplay of factors impacting on retirement and workforce participation cannot be ignored.
Our event considered some of these challenges such as:
How can increasing the State Pension Age be fair when significant numbers of poorer citizens will reach this age in ill-health (or not at all)?
Which groups lose out most by an increase in state pension age?
How can we respond to the fairness challenge?
The appropriateness of different measures of life expectancy (cohort life expectancy; period life expectancy; healthy life expectancy; disability free life expectancy).
Will increasing the State Pension Age reduce the dependency ratio and extend working lives?
What will be the fiscal impact if an increasing number older people find themselves unable to work and needing to access working age benefits?
At the event, we heared from the Minister for Pensions, Steve Webb MP; ILC-UK Research Fellow, Ben Franklin; Dr Craig Berry, ILC-UK Fellow and Research Fellow at the University of Sheffield; Camilla Williamson, Age UK’s Development and Support Manager, Knowledge Transfer; Professor John MacInnes, a social demographer and Professor of Sociology at the University of Edinburgh.
Maximising the potential of the UK's ageing population. Lessons from Asia and...
On Thursday, 21st April 2016 the International Longevity Centre and the Global Aging Institute hosted a roundtable discussion with European Commissioners on maximising the potential of Europe's ageing population in reference to Asian best practice, supported by Prudential Plc.
The discussion focused on how different Asian countries address the demographic challenge posed by an ageing society, and how they respond to the social mood relating to work and retirement; participants also considered how healthcare can meet the challenges posed by rapidly ageing societies across Europe.
Debt and problem debt among older people 4june13 - presentation
Debt is commonly assumed to be a problem of the young and not of the old. New research carried out by ILC-UK and supported by Age UK examines the validity of this assumption and sets out the extent to which debt impacts on the lives of older people.
Over recent years, older people, in common with other age groups, have faced significant financial challenges. For older people, lower than expected returns on savings and decreases in annuity rates have reduced the income many retirees were expecting in later life. Increases in energy and food costs are also hitting older people on fixed incomes hard, while older workers are faced with unprecedented job and income insecurity. Could these new challenges have influenced the attitudes and behaviours of older people towards credit usage? And just how accurate are cosy depictions of older people as ‘squirreling savers shunning credit’ compared to the reality?
This new research explores the way in which attitudes towards borrowing vary by age before presenting new findings on levels of problem debt among older people. The characteristics associated with entering problem debt are explored in this research, as well as the outcomes of living with problem debt on the lives of older people.
Dr Dylan Kneale, Head of Research at ILC-UK, presented the findings of the research. Dr Stella Creasy MP, known for her parliamentary work around the field of debt, was a keynote speaker, while Sally West, Income and Poverty Strategy Adviser at Age UK, provided insight into the organisation’s work in providing debt counselling and advice for older people. Tom Wright, Chief Executive of Age UK, and Baroness Sally Greengross, Chief executive of ILC-UK, co-chaired the event and all took part in a panel debate after presentations.
Policy Debate: Longevity, health and public policy. How should policy-makers ...
Launch of ILC-UK Factpack, Ageing, longevity and demographic change, Supported by Legal & General
his important briefing event, for journalists and senior policy-makers and opinion formers, set out the latest evidence on longevity and explore the extent to which government and business (financial services industry) is responding to the challenges. We will consider the extent to which longevity is influencing government and business decisions and how media and policy-makers can help to ensure that important longevity issues are taken into account.
For example, the Government has set out plans to increase the state pension age to 66 years from 2018, and 67 years from 2026. They have also announced plans to automatically link state pension age with increased longevity.
Whilst the driver of change has partly been the need for Government to cut spending and make fiscal savings, there is also a recognition that people will be spending an increasing proportion of their lives in retirement. Although we may be living longer on average, many are likely to be doing so in poor health. In parts of the country life expectancy is much lower than the UK average.
In addition, on 26th June the Government will announce its latest spending review. The impact of future spending demands of an ageing society will undoubtedly influence this review so the event will consider the extent to which Government’s current spending priorities have adequately taken into account long term demographic change and how the private sector can contribute.
The event took place just after the launch of the latest Office of Budget Responsibility fiscal sustainability report which set out the long term impact of ageing on fiscal sustainability. In its 2012 report, the OBR said; “The public finances are likely to come under pressure over the longer term, primarily as a result of an ageing population.”
ILC-UK launched a new factpack, Ageing, longevity and demographic change, which has been produced with the support of Legal & General. The factpack will help those with an interest in population ageing and longevity to quickly access key, relevant statistics.
Speakers: Baroness Sally Greengross, ILC-UK; Kerrigan Procter, Legal & General; Joseph Lu, Legal & General; Professor Les Mayhew, Cass Business School; Professor Michael Murphy, London School of Economics; Tim Gosden, Legal & General; David Sinclair, ILC-UK.
22May2017 - If young people ruled the world...DEBATE
An ILC-UK Partners Programme Debate: If young people ruled the world?... Maximising the voice of younger people in an ageing society
Economics of Age,Equality and Human Rights,Future of Age,Intergenerational
Wednesday, 22nd May 2017; 08:30 (for 09:00) - 11:00, Great Hall, Chartered Insurance Institute, 20 Aldermanbury, London EC2V 7HY, Chair by Baroness Sally Greengross OBE
Innovate to Alleviate: Exploring How the Role of an Enhanced Care Worker Coul...
‘Innovate to Alleviate: Exploring How the Role of an Enhanced Care Worker Could Address Skills Shortages in the Social Care Sector’ constitutes the first qualitative investigation of an emerging role within the adult social care sector: the ‘Enhanced Care Worker’ (ECW), where care workers are trained to undertake clinical tasks traditionally done by nurses.
The first scoping review of its kind to examine the development of the ECW role, this qualitative investigation will be published on Wednesday, 22nd June. It was compiled from a number of interviews with individuals from all levels of the care home sector, including managers, Registered Nurses, ECWs, and high-level representatives from organisations that oversee a number of care homes.
In order to explore the challenges and opportunities this new role presents, we are inviting parliamentarians, industry leaders, academics and care worker representatives to a panel discussion in the House of Lords.
Personal care savings bonds
Demographic change means that more people will live past the point where they require care. As the increase in life expectancy looks set to continue, we need to develop enterprising and innovative ways to help people save and plan for this eventuality and bring new money into the care system. If people are to save for their future, especially people who are on lower incomes or are less wealthy, it is essential that they have opportunities to do so in a way that is simple, attractive, engaging, and safe, and which provides them with more choice about the care and support they would like. Equally, they must not be penalised for having done so through means tested support. This is what Personal Care Savings Bonds are intended to be all about.
ILC-UK Future of Ageing Conference
On the 24th November 2015, we held our first annual conference on 'The Future of Ageing'.
During this full day conference we painted a picture of the future of ageing and explored the challenges and opportunities ahead. Through our unique lifecourse focus we explored the potential impact of ageing not just on today’s older population, but also on tomorrows.
We heard presentations from:
- Steven Baxter (Partner, Hymans Robertson);
- Lord Filkin (Chair of the Centre for Ageing Better and Chair of the House of Lords Committee on Public Service and Demographic Change);
- Lord Willetts (Executive Chair at Resolution Foundation, and former Minister of State [Department for Business, Innovation and Skills]);
- Paul Johnson (Director, Institute for Fiscal Studies);
- Baroness Altmann (Minister for Pensions);
- Professor Jane Elliott (Chief Executive, Economic and Social Research Council);
- Professor Sir Mark Walport (Government Chief Scientific Adviser [GCSA] and Head of the Government Office for Science);
- Jim Boyd (Director of Corporate Affairs, Partnership);
- Elaine Draper (Director, Accessibility & Inclusion, Barclays);
- Mario Ambrosi (Head of Communications and Public Affairs, Anchor);
- Baroness Kay Andrews (Member of the House of Lords Built Environment Committee, Former Parliamentary Under-Secretary (Department for Communities and Local Government) 2006-2009);
- Professor Ian Philp (Deputy Medical Director for Older People’s Care, Heart of England NHS Foundation Trust).
The conference was chaired by Baroness Sally Greengross (Chief Executive, ILC-UK) and Lawrence Churchill (Trustee, ILC-UK).
What's hot (20)
ILC-UK Future of Ageing Presentation Slides - 09Nov16
ILC-UK Future of Ageing Presentation Slides - 09Nov16
21Jan4 - I can't afford to die - Managing the cost of dying in an ageing soc...
21Jan4 - I can't afford to die - Managing the cost of dying in an ageing soc...
31Mar14 - Understanding wellbeing in old age across the world: lessons from a...
31Mar14 - Understanding wellbeing in old age across the world: lessons from a...
02May14 - The demographic implications of Scottish independence
02May14 - The demographic implications of Scottish independence
Maximising the potential of the UK's ageing population. Lessons from Asia and...
Maximising the potential of the UK's ageing population. Lessons from Asia and...
Debt and problem debt among older people 4june13 - presentation
Debt and problem debt among older people 4june13 - presentation
Policy Debate: Longevity, health and public policy. How should policy-makers ...
Policy Debate: Longevity, health and public policy. How should policy-makers ...
22May2017 - If young people ruled the world...DEBATE
22May2017 - If young people ruled the world...DEBATE
Innovate to Alleviate: Exploring How the Role of an Enhanced Care Worker Coul...
Innovate to Alleviate: Exploring How the Role of an Enhanced Care Worker Coul...
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30Jan14: Are annuities fit for purpose?
The Financial Services Consumer Panel, (FSCP) recently published a report which argued that the annuity market does not work well for the majority of consumers. The Panel felt that the “complex market” was “failing to deliver good outcomes for many consumers”.
The value of annuities is increasingly being questioned by journalists and opinion formers. Rates are improving but have been relatively low and too few individuals exercise choice or have access to the advice they need. Those in favour of other alternative income options, such as income drawdown, have signalled that it is the end of annuities. Yet, annuities offer significant benefits over other forms of pension income. A guaranteed income for life is considered a better option by some customers.
The debate, sponsored by Legal & General, a leading annuity provider, in conjunction with the International Longevity Centre - UK (ILC-UK) was held in the House of Lords, on Thursday 30 January 2014.
During the event we explored what the industry, government and the regulator needs to do to respond to the FSCP challenges and whether annuities are still fit for purpose. Or does the industry need to innovate in product design and access to flexible solutions that meet future customers’ expectations?
The event, chaired by Baroness Sally Greengross, firstly presented the views of a panel of six leading representatives from across the industry who have an interest in the at retirement market outlining whether they believe that annuities are still fit for purposes and if not, what other options they believe should be considered.
The panel included Sue Lewis, Chair of the Financial Services Consumer Panel; Dan Hyde, Personal Finance Editor of the Daily Telegraph; Tom McPhail, Head of Research at Hargreaves Lansdown and Chair of Pension Income Choice Association (PICA); Ros Altmann, Economist and former Downing Street adviser; Jane Vass, Head of Public Policy at Age UK and Tim Gosden, Head of Strategy for Legal & General’s individual annuity business.
Following the panel presentation the debate was then opened to the invited audience which included parliamentarians and senior representatives from across the industry. Senior representatives of charities, think tanks, government departments, regulators and selected media contacts who regularly write on this subject, were also invited.
Paying for long term care insurance: The pros and cons of different payment m...
As the population of the UK continues to age, the demand for social care increases, as do the associated costs. How to pay for long term care is therefore a hot topic in the insurance world and amongst policy makers.
This event will saw the launch of a new paper from the ILC-UK and Cass Business School which investigates different ways in which individuals can purchase and pay for insurance products specifically to help them to pay for their care costs in later life.
Chaired by Baroness Sally Greengross OBE, Chief Executive of the ILC-UK, the launch included a keynote presentation report co-author Professor Les Mayhew. Responses were given by Jules Constantinou, Regional Manager, Gen Re Life/Health; Brian Fisher, Aviva/Friends Life, and Steve Lowe, Just.
The end of the beginning: Private defined benefit pensions and the new normal
Held on Wednesday, 18th January 2017 in the House of Lords, this event launched the ILC-UK report 'The end of the beginning? Private defined benefit pensions and the new normal'.
Does living in a retirement village extend life expectancy? The case of white...
'Does living in a retirement village extend life expectancy? The case of Whiteley Village' investigates the possible benefits of retirement village life with respect to life expectancy i.e. whether Villagers live longer on average than the general population, using Whiteley Village as a case study.
This presentation was delivered at the report launch at Cass Business School on Wednesday, 22nd February 2017.
29Oct14 - ILC Global Alliance Ageing and Mobility Symposium
This event was a half day symposium which showcased international research by ILC Global Alliance members on frailty and mobility in old age.
This event took place as part of the ILC Global Alliance visit to the UK.
Speakers at the event included:
Rosy Pereyra – ILC-Dominican Republic: Sarcopenia: A forgotten cause of mobility problems in old age
Susana Concordo Harding – ILC-Singapore: Are we living longer and healthier? Exploring gender differences in health expectancy among older Singaporeans
Sebastiana Kalula – ILC-South Africa: Prevalence and risks factors for falls, and the impact on mobility in later life: The Cape Town study
Didier Halimi – ILC-France: MOBILAGE: how to maintain frail people mobility? An ongoing experiment at Broca Hospital in Paris.
Kunio Mizuta – ILC-Japan: Long-term care prevention in Japan: To maintain older people’s mobility
Lia Daichman – ILC-Argentina: Loss of mobility, loss of Autonomy, loss of quality of life
Iva Holmerová – ILC-Czech Republic: Local and national initiatives to support active ageing and improve quality of long-term care in the Czech Republic.
Panel members at the event included: Marieke van der Waal – ILC-Netherlands; Jayant Umranikar – ILC-India
David John, Senior Senior Strategic Policy Adviser at AARP’s Public Policy In...
In July 2015, the Government began a consultation on changing how the UK incentivises private pension saving, and the Chancellor is expected to respond to this consultation in the Government’s annual Budget in March 2016.
The Future of Private Pension Saving, kindly supported by Age UK, brought together Parliamentarians, business, academics and industry experts to discuss how best the UK Government can incentivise private pension saving.
The debate was opened by initial remarks from Angela Rayner MP (Shadow Pensions Minister), Jackie Wells (Head of Policy and Research, Pensions and Lifetime Savings Association), Sarah Luheshi (Deputy Director, Pensions Policy Institute), and Yvonne Braun (Director, Long-Term Savings Policy, Association of British Insurers).
On Wednesday 27th January, David John, Senior Strategic Policy Adviser at AARP’s Public Policy Institute, and Deputy Director of the Retirement Security Project at the Brookings institute delivered a presentation on tax incentives for pension saving in the US context at an informal reception hosted by Age UK.
Discussions from this event contributed to a formal representation to the HM Treasury regarding Government policy on pensions tax relief and private pension saving.
12Jun14 - The UK Equity Bank
Many older people have equity tied up in their homes that could be used to provide them with a greater income in later life and improve their standard of living. Traditionally, the ways to unlock the equity in people’s homes have been through downsizing, equity release lifetime loans or home reversion plans. However, not everyone is in a position to downsize, there are pros and cons to each approach, and all have associated costs.
The Equity Bank would provide a new way for people to unlock the equity in their home. It would be a state agency which provides people with a low cost fixed lifetime income in exchange for a fixed share of the equity in their home. The Equity Bank would take a charge on the person’s home and recover the value of the equity from the person’s estate after their death.
The event was chaired by Baroness Sally Greengross, Chief Executive of the ILC-UK. Nick Kirwan, Director of the ILC-UK Care Funding Advice Network, opened the discussion. Professor Les Mayhew of Cass Business School and co-author of the paper 'The UK Equity Bank - Towards income security in old age' then presented the concept, after which Paul Burstow MP responded. There was then time for questions and a general discussion.
Pension pots and how to survive them
Professor Les Mayhew's presentation, given on Thursday 12th November at the launch of Cass Business School's research report 'Pension pots and how to survive them'.
10Apr14 - Ensuring communities offer what older people want
This seminar was held on Thursday 10th April 2014, 13:30 (for 14:00) – 17:00 on the topic is ‘Ensuring communities offer what older people want’, and focussed on the activities and interests of older people that need to be represented in our communities to ensure good quality of life and wellbeing for an ageing population. The results of these seminars will inform a solutions-focussed policy brief, looking at what needs to be done to create age-ready local areas. This brief will be launched in May at a full day conference on ageing in our communities.
In this seminar we considered what communities provide for older people and how these needs may change (or stay the same) as they age. We know from research on isolation and loneliness that social connections remain an important part of quality of life for many people as they get older, yet as the ‘loneliness epidemic’ continues to hit headlines it is clear that this is not being fully addressed in communities. Exploring how activities and services can maintain and build on social networks is key to maintaining wellbeing within the community.
Elsewhere, we explored the services, amenities and activities available to older people in their communities – from village shops, to post offices, to libraries and adult education classes, and how these enhance wellbeing for older people. A community can take many forms, and in this session we will also be considering the approaches to be taken from different kinds of setting – from urban to rural – and the challenges that lie in providing services to these distinct regions.
This seminar explored:
• How family connections, friendships and social ties can be supported and better integrated into community activities.
• What role do local services and shops play in building a community, what the future of these services looks like and what can be done to ensure they support ageing in the community?
• What activities are currently available for older people in their communities, and are these suitable or prepared for an increasing number of people accessing them? What else should be available?
• How we can ensure that fun and playfulness remain part of life when growing older in the community?
• How can we ensure that the experience of growing older remains at its highest quality across rural, town, suburban, and urban settings?
'Getting out and about' A Community Matters seminar from ILC-UK and Age UK
The slides from the first in a series of three seminars from ILC-UK and Age UK on Community Matters - are our communities ready for ageing?
Full details here: http://www.ilcuk.org.uk/index.php/events/community_matters_are_our_communities_ready_for_ageing_getting_out_and_abou
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29Oct14 - ILC Global Alliance Ageing and Mobility Symposium
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Age Platform Conference - 4Dec14
David Sinclair, ILC-UK's Director, presented at the Age Platform Annual Conference in Brussels in December 2014.
For more information about the conference, please click here:
http://www.age-platform.eu/age-work/age-policy-work/age-friendly-environments/age-work/2300-age-annual-conference-4-december-2014-brussels
'How can we support older workers?' an ILC-UK European policy debate, support...
Tuesday 3rd September, M&G, Governor’s House, Laurence Pountney Hill, London, EC4R 0HH, 16:00 for a 16:30 start – 18:30
Featuring Steve Webb MP (Minister for Pensions); Christopher Brooks (Age UK) and David Sinclair (ILC-UK), presenting findings from a new policy review of European innovations in supporting longer working lives. Chaired by Baroness Greengross, CEO, ILC-UK and cross-bench peer
Europe needs older workers. Its long-term ageing population and recent economic hardships are creating huge fiscal and demographic pressures - pressures which could be greatly relieved if it can encourage its workers to remain in work for longer.
How is this to be achieved?
The European Union recently launched its Europe 2020 strategy which set employment targets of 75% for workers aged 20-64. However, with the old-age dependency ratio for the EU28 predicted to climb over 50% by 2050, much more still needs to be done.
In this event we will hear UK and EU perspectives on how older workers can be supported, with contributions from Steve Webb MP, the UK Minister for Pensions; and Christopher Brooks (Age UK)
To inform this debate, ILC-UK launched a report at the event, supported by Prudential, which shares key policy approaches being taken across to support older workers.
RenEWL 16Jul14 - Brian Beach presentation
Brian Beach, Research Fellow at ILC-UK, gave a presentation on ‘The opportunities and challenges of an older workforce’ at the launch event for the Research on Extending Working Lives (renEWL) programme at University College London on 16 July.
Healthy ageing? The opportunities and challenges of an older workforce
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The 4th April 2016 marks ten years to the day after the final report of the Pension Commission. The Pensions Commission painted a future where individuals would need to do a combination of working longer, saving more, or paying more tax. The Commission argued that a failure to act would lead to poorer pensioners.
This ILC-UK analysis highlights positive progress in extending working lives, preventing pensioner poverty and getting more people into saving. But the think tank warns of complacency and paints a bleak picture for future pensioners.
This analysis, published on its website finds that since the Pensions Commission:
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* In fact, the average time spent in retirement continues to increase.
* Auto-enrolment has delivered a growing number of employees with workplace pensions.
* But median contribution rates are low and a growing proportion of us have no savings. Final Salary pension coverage continues to fall.
* Younger people are less well placed than previous generations to save and may attract lower long term returns on their savings.
* Effective tax rates have been falling but have increased more recently.
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A problem shared is a problem halved? Evidence report on dementia in europe
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In these tough economic times, Governments across the EU are looking at ways to cut public budgets and curtail spending. All EU countries will need to prioritise spending on dementia and reconcile need, want and value for the public purse in the coming years.
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The Healthy Ageing and Prevention Index is an online tool created by ILC that ranks countries on six metrics including, life span, health span, work span, income, environmental performance, and happiness. The Index helps us understand how well countries have adapted to longevity and inform decision makers on what must be done to maximise the economic benefits that comes with living well for longer.
Alongside the 77th World Health Assembly in Geneva on 28 May 2024, we launched the second version of our Index, allowing us to track progress and give new insights into what needs to be done to keep populations healthier for longer.
The speakers included:
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Dr Hans Groth, Chairman of the Board, World Demographic & Ageing Forum
Professor Ilona Kickbusch, Founder and Chair, Global Health Centre, Geneva Graduate Institute and co-chair, World Health Summit Council
Dr Natasha Azzopardi Muscat, Director, Country Health Policies and Systems Division, World Health Organisation EURO
Dr Marta Lomazzi, Executive Manager, World Federation of Public Health Associations
Dr Shyam Bishen, Head, Centre for Health and Healthcare and Member of the Executive Committee, World Economic Forum
Dr Karin Tegmark Wisell, Director General, Public Health Agency of Sweden
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We know that we’re living longer, which means many people will also be working for longer. One in seven people over 65 are still employed in the UK, but we’re still seeing challenges in our labour markets.
According to the ILC’s Healthy Ageing and Prevention Index, the UK’s work span is only 31.5 years, ranking the UK 47th out of 121 countries. Skills shortages driven by demographic change are hitting all sectors of the UK’s economy: by 2030, we could see a shortage of 2.6 million workers. On the other hand, if UK employment rates for those aged 50 to 64 matched the rates of those aged 35 to 49, the country’s GDP would increase by more than 5%.
One way to improve work span and employment is through lifelong learning. However, in the UK, as the Learning and Work Institute’s Adult Participation in Learning survey showed, rates of learning continue to fall with age. In 2023, only 36% of people aged 55 to 64, 24% of those aged 65 to 74, and 17% of those aged 75 and over said that they’d taken part in any kind of learning in the past three years.
To better understand the approaches in other countries, we consulted with experts in lifelong learning, both from the UK and globally. ILC's report, in collaboration with Phoenix Insights, Redefining lifelong learning: lessons from across the globe considers the approaches taken in Singapore, Japan, South Korea, Canada, Germany, the Netherlands and Sweden. While each country’s approach is different, and shaped by its wider cultural, political and economic context, there are some common threads including: learning culture; the range of learning opportunities on offer; levels of support and investment; and accessibility
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The UK economy could see a shortfall of 2.6 million workers by 2030 – almost twice the workforce of the NHS – as a result of population ageing, the COVID pandemic and Brexit.
These shortfalls will affect the whole economy, with manufacturing, retail, construction, transport, health and social care among the sectors projected to be hardest hit.
To plug these gaps, Government must introduce a comprehensive Workforce Strategy looking at:
How to support people to stay in the workforce for longer, e.g. by supporting healthy workplaces, supporting carers and creating flexible conditions that suit people’s needs.
How to ameliorate childcare costs and reintegrate people into the workforce following timeout for caring or a health need
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At this exclusive working lunch, we discussed the International Longevity Centre UK’s (ILC-UK) forthcoming report on vaccine confidence in Central & Eastern Europe (CEE).
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Research by the International Longevity Centre UK (ILC) funded by Bayes Business School — based on Commonwealth Games competitor records since the inaugural event in 1930 — shows large differences in the longevity of medal winners compared to people in the general population that were born in the same year. A report finds that top-level sports people can live over 5 years longer than the rest of the population.
Launching Trial and error: Supporting age diversity in clinical trials
During this virtual event, Esther McNamara, ILC's Senior Health Policy Lead, presents the Trial and error report’s findings and recommendations. A panel of five experts respond to the report and discuss how improved age diversity will benefit patients of all ages.
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YouTube:- youtube.com/@mulesoftmysore
Mysore WhatsApp group:- https://chat.whatsapp.com/EhqtHtCC75vCAX7gaO842N
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Ben Franklin - Older Workers in the Eurozone
- 1. Rising from the ashes: the role of older workers in driving Eurozone recovery Ben Franklin, Senior Research Fellow, International Longevity Centre @ilcuk @bjafranklin The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 2. What key issues does the report cover? The current economic state of the Eurozone What we know (and don’t know) about the relationship between population ageing and economic output? How could raising labour force participation at older ages boost Eurozone GDP over the long term? What factors are associated with working longer: evidence from European and OECD countries The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 3. The Eurozone: where are we now? The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 4. Govt debt burdens continuing to rise… The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 5. …as do private debt burdens The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 6. Regaining competitiveness through painful internal devaluation The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 7. Where next for the Eurozone? The longer term The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 8. The worst case: flagging productivity growth and no increase in older workers The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 9. What would happen if the proportion of older people in employment rises? No conclusive evidence to suggest that older workers are less productive than younger workers. Some academic studies suggest older workers drive up productivity due to their experience and inventiveness. Problems with productivity amongst older workers may indicate problems with management. Productivity of older workers may be sector and industry specific. In our models we assume all workers are equally productive The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 10. Isolating the impact of older workers on future Eurozone economic output Our three scenarios: 1.No change: Employment rates of the over 50s remains at 2013 levels up to 2050. 2.65+ catch up: There is a gradual increase in the employment rates of the over 65s until catch-up with Sweden’s high rate is achieved 3.50+ catch-up: There is a gradual increase in the employment rates of the over 50s until catch-up with Sweden is achieved. The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 11. Results for the Eurozone, Core and Periphery countries Average annual growth rate in GDP per person (2014-2050) *All scenarios assume workforce productivity growth of 1.5% per annum over the projected period *Core countries are: Germany, Austria, Belgium, Netherlands, France and Luxembourg *Periphery countries are all other Eurozone members. The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 12. What can we conclude from scenarios? Even a gradual increase in participation has significant impact on output over long term. Raising participation rates will not be enough to avoid stagnation. Must be accompanied by measures to rejuvenate workforce productivity growth across the region. The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 13. What factors are associated with working longer: evidence from OECD countries The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 14. But “carrots” and not just “sticks” are needed to support working longer The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 15. And let’s not forget the critical role of good health in supporting longer working lives The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 16. Quick recap…. The immediate future of the Eurozone is dicey. But policymakers must also think about the medium to longer term and the big challenge of ageing. Ageing could result in stagnating or shrinking economies if workforce productivity fails to rise and older age groups are not supported to work longer. Raising workforce participation could make a significant material difference to rates of per capita growth but this is not going to be a silver bullet. “Carrots” and not just “sticks” are needed to support longer working lives and to harness the productive potential of older workers. The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.
- 17. Many thanks Ben Franklin Senior Research Fellow International Longevity Centre - UK benfranklin@ilcuk.org.uk 02073400440 Twitter: @ilcuk @bjafranklin The International Longevity Centre-UK is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change.