The latest research from the Office for National Statistics (ONS) shows that women and men in Britain are living longer. Retirement ages are moving up from 60 for women and 65 for men to help pay for the pensions of the increasing number of people who are living past these ages.
The chance of surviving from birth to age 85 has more than doubled for men over the last three decades from 14% in 1980-82 to 38% in 2009-2011.
Changes in pensions legislation not only affect people of 60 plus coming up to retirement, but also those early in their careers facing the financial pressures of buying a home, perhaps starting a family but yet faced with planning a comfortable retirement 30 or 40 years away.
Today, ONS publishes Pension Trends Chapters 6, 7 and 8, which provide key information showing how pensions in the public and private sectors are facing future challenges and changes.
The areas covered include:
Scheme membership, and
Key questions answered include:
Differences in pension planning for the public and private sectors in terms of benefits
Membership trends in occupational pension schemes, by public and private sector
The position part-time women workers face in retirement planning
The growing numbers of self-employed men not in personal pension schemes
Employee and employer contribution rates in the private sector
Pension Trends Chapter 6 looks at the pensions provided by employers in the public and private sectors and by insurance companies and the analysis focuses on private pensions in the “accumulation stage”, when people are building up their pensions.
Pension Trends Chapter 7 discusses membership for all types of non-state (private) pensions, covering occupational schemes for private and public sector employees and personal pensions which include group personal pensions and stakeholder pensions.
Pension Trends Chapter 8 analyses contributions to private (non-state) pensions. The chapter includes a consideration of the contributions to private sector occupational pension schemes made by scheme members and their employers. It also looks at how contributions differ when comparing Defined Benefit (DB) and Defined Contribution (DC) schemes.