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2011 census results: More over 60s than ever before, but least pension savers since 1950s
The 2011 UK census has revealed that while there is more over-60s living in the country than ever before, the number of pension savers has plummeted to 1950s levels.
Results from the latest census acknowledge that people in England and Wales are living longer than they did 100 years ago, on top of the fact that the number of people under 15 in the country is decreasing while the number of those aged 65 and over is rocketing.
The proportion of the population that is over-65s one in six, compared to 1911, where just one in 20 individuals were aged 65 and over.
Despite this, the number of active members in company pensions schemes is at its lowest since the 1950s, with employee membership of occupational schemes falling from 46 per cent in 1997 to just 32 per cent in 2011.
Fraser Smart, managing director at Buck Consultants, commented: "Radical reform of pensions arrangements are needed to meet the needs of a growing population of pensioners in the wake of the disappearance of final salary pension schemes."
Thomsons Online Benefits can help you to offer high quality, well managed, engaging and low risk company pensions to your employees.
Posted by Editorial Team
July 23rd 2012
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