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Reports and Briefing Notes

Retirement income and assets: the implications for retirement income of Government policies to extend working lives

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The sixth report in the PPI's Retirement Income and Assets series considers the implications for retirement income of Government policies to extend working lives. The PPI would like to thank the sponsors of this research report, Age Uk, The Actuarial Profession, Aviva and Partnership.

In the UK over the last three decades, life expectancy has increased substantially. These substantial improvements in life expectancy reflect a complex range of changes in lifestyle, diet, healthcare and patterns of work and economic activity. Improvements in life expectancy could be positive for individuals. However, increased life expectancy also poses significant challenges to individuals, to employers and to the Government.The Government has introduced several policies aimed at extending working lives including changes to the State Pension age and removing the Default Retirement Age.

The research examines how much longer today’s over 50s in England in 2011 might need to work and save to meet target levels of retirement income. The report is the sixth in a series of research reports on retirement income and assets in the UK.

Chapter one describes current patterns of work and retirement, and investigates the different social, political, economic and personal factors which impact the decisions people make and the options people have regarding work and retirement.

Chapter two describes and examines the potential implications of Government policies which will affect future work and retirement patterns for older people and looks at the lessons that the UK can learn from other countries that have implemented similar policies.

Chapter three analyses how working and retirement patterns could impact on future levels of income adequacy for people in retirement.

Chapter four analyses how different patterns of work and retirement could affect the income of individuals who have different income levels.

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