40% rise in pensioners
The Government Actuary’s Department (GAD) says the number people over pension age in the UK is set to rise more than 40% to almost 15m by 2039. The GAD projects that the current 10.5m that are over pension age will reach 11.7m in 2010.
“Between 2010 and 2020, during which time pension age for women is set to be raised to 65 on a phased basis, the numbers over pension age remain almost constant. “After this the numbers over pension age rise more rapidly to a peak of nearly 15m, over 40% above the current numbers, ” it says.
The GAD says that without the rise in female pension age, the numbers would have been two million higher. The changes in those of working age was “much less dramatic”, GAD said.
It added that the pension support ratio, the ratio of workers to pensioners, is set to fall to 2.4 in 2060, from 3.3 at the moment.
The figures are contained in the GAD’s five-yearly review of the National Insurance Fund and have been presented to parliament by chief actuary Chris Daykin.