The effect of lengthening Life Expectancy on future pension and Long-Term Care expenditure in England, 2007 to 2032 (original) (raw)

Increasing life expectancy – the impact on old-age pension benefits

2018

The demographic changes currently observed in European markets have an important effect on the stability of pension systems and the amount of old-age pension benefits. One of the most important changes is increasing life expectancy, which will significantly affect the amount of old-age pension benefits. These old-age pension benefits come from both the statutory and the voluntary parts of the pension system and are the main source of income for most elderly households. The reduction of these benefits as a result of increasing life expectancy is a major threat to the financial situation of retiree households. The purpose of this paper is to identify the impact of increasing life expectancy on oldage pension benefits from both the statutory part and selected forms of the voluntary part of the pension system operating in Poland. To achieve this aim, life annuity calculations were used. The results obtained clearly indicate the impact of increasing life expectancy on the amount of benef...

Expected lifetime costs of social care for people aged 65 and over in England

Estimates of lifetime costs of care are very relevant to the current debate about how best to fund care and support in England. Individuals, especially those whose savings would render them ineligible for publicly funded care, will want to know broadly how much long-term care toward the end of their life may cost. This information could help them make informed decisions about how much to save or whether to seek private insurance for care costs.

Projections of Future Expediture on Long-Term Care for Older People

2006

How best to finance the long-term care of older people is the subject of considerable national debate in the UK, as in a number of other countries. The Report of the UK Royal Commission on Long Term Care in 1999, followed by the introduction of free personal care in Scotland in July 2002, has led to continuing pressure for further reform of the financing system in the rest of the UK. The essence of the debate on long-term care is about how far people should fund their own care and how far they should be publicly funded. Underlying the debate are concerns about the future affordability of long-term care.

Making projections of long-term care: examples and methodological issues

2003

As the numbers of older people rises throughout the world, there have been concerns about the future affordability of public expenditure, particularly on pensions, health care and long-term care. In this context, the European Union's Economic Policy Committee (EPC) conducted a study of the impact of ageing on future public expenditure on pensions, health and long-term care and how it would affect the fiscal sustainability of public finances (Economic Policy Committee, 2001).