Britain is facing a pensions time-bomb as the number of people reaching pension age rises far faster than the working population – piling pressure on the future of the state pension triple lock, and increasing the prospect of higher taxes.
The latest Office for National Statistics figures show the working-age population increasing by about 2.2 million, or 5 per cent, between 2024 and 2049.
Over the same period, the number of people of pensionable age is projected to increase by 2.9 million, or almost 24 per cent.
Shorts
The Government Actuary’s Department highlighted the changing ratio in a bulletin published last week. For every 1,000 people of working age, there are currently 280 people of pensionable age.
