The recent data from the office of National Statistics (ONS) (http://www.ons.gov.uk) shows that, in England & Wales, most men live till age 85 years and women till age 89 years. And, based on the improving past trends, these figures would move upwards in the future.
There is recognition among the policy makers that the increase in Life Expectancy will pose significant challenge on the utilisation of resources such as the National Health Service, State and Private Pensions. In fact, the chancellor, George Osborne announced that future rises in the state pension age would be linked to average life expectancy with the level set to increase to 67 by 2028. However, David Grimshaw, a longevity actuary at firm Barnett Waddingham, said the moves to raise the pension age could still fall short of what is needed. “The future increases in state pension age may well be appropriate and consistent with future improvements in life expectancy but there isn’t necessarily the political will to attempt to catch up with the past improvements which have already taken place,” he said.