Pensions - Articles - Barnett Waddingham comments on latest ONS statistics

 Commenting on the figures, Malcolm McLean, senior consultant, Barnett Waddingham says:
 “It is particularly encouraging to see the increase in pension saving by young people – 53% of 22-29 year olds with a workplace pension in 2014, up from 37% in 2013.

  

 “We can only hope this trend is sustained as we progress on to the smaller employer take-on into the enrolment phasing-in programme due to be completed and fully operational nationwide by 2018. With increasing longevity and expectations of longer lifespans for most of today’s younger generation it is important to start to engage with a pension or other long term savings plan at the earliest possible age in preparation for what may be many years of retirement in the future".

  

 A second set of ONS statistics released today regarding life expectancy in deprived areas shows a huge difference between deprived and wealthy areas.

  

 Malcolm McLean adds:
 “What is rather less encouraging is the fact revealed in another ONS release today that where you live can materially affect exactly how long you might live as well as your health in older age. A difference in healthy life expectancy of as much as 19 years is very significant and raises all sorts of questions about how this can be addressed and its impact on pension provision and social welfare policy more broadly going forward”.