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Sir Michael Marmot's
IHE team

Financial Times Article on Pensions

21st March 2012 07:47

 

Osborne Raises Prospect of More Welfare Cuts, by Sarah Neville.

An article in today's FT quotes Prof. Sir Michael Marmot:

"...More far reaching was the chancellor’s announcement that in future the state pension age will rise automatically in line with longevity. That will set the stage for a redefinition of the life cycle. If longevity increases at its current rate, a person born today might be forced to remain economically active until 75 or even later.

But that threatens another form of unfairness that could prove perilous for politicians and divisive for society. The gulf in life expectancy between those in the richest and poorest parts of the UK remains wide. While the middle classes retain the prospect of many years of comfortable retirement, their less favoured counterparts will struggle to make it to pensionable age.

Sir Michael Marmot, an international expert in the links between economic status and longevity, told the FT: “Increases to state pension age will mean that people in more disadvantaged social groups will gain less pension benefit from their lifelong pension contribution.”..."