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Demographics

 

Table 1: Projected number of people in the UK of State Pension age (SPa) or older [1]

 

 

Projected number of people of SPa or older (thousands)

2017

2018

2020

2030

2040

2050

Women

6,914

6,628

6,462

7,332

8,672

8,790

Men

5,453

5,559

5,429

6,290

7,487

7,560

Total

12,367

12,187

11,890

13,622

16,159

16,351

Total as % of working age population

30%

29%

28%

31%

37%

36%

 


Important:The table above contains projections that account for the increase in women’s SPA from 60 to 65 between 2010 and 2018. The table also takes into account planned increase in the SPA for both men and women to 66 in 2020, and the provision in the Pensions Act 2014 for the increase in SPA to 67 to be brought forward to occur between 2026 and 2028. It is assumed that the increase from 67 to 68 takes place between 2044 and 2046 as currently legislated, however this may be brought forward as a result of the SPA review set out in the Pensions Act 2014. [2]


[2] see PPI (2017) The Pensions Primer: a guide to the UK pensions system for further information

 

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