UK Money News
8th January 2008
Higher life expectancy 'a challenge to pensions'
The increased life expectancy of the UK population presents a significant challenge to the pensions industry, according to one organisation.
Aegon, which claims to be one of the world's largest life insurance and pension firms, asserts that people are going to have to acknowledge their need for increased hep with money in the future.
This is due to the fact that the state is unlikely to be able to address the added burden of the larger elderly population.
Rachel Vahey, head of pensions development at Aegon, said: "People will either have to provide for themselves or they may have to consider working for longer, or maybe a combination of both."
She stated that in 1911 there were only 100 people in the UK over 100 years old, but that this figure had grown to 9,000 by 2006.
It is set to increase once again to 40,000 by 2031.
Recent money news from Tickbox reveals that 25 per cent of people intend to work beyond 65 years of age.
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