UK population projections

Government figures reveal that in 2066 there will be at least half a million people aged 100 or over. Twenty-year-olds are three times more likely to reach 100 than 80-year-olds, and twice as likely to reach 100 as 50-year-olds.

Steve Webb, the Minister of State for Pensions, has urged people to "radically rethink" their perceptions about later lives, with the encouragement to save more being a common theme. Recent developments include a report from the independent Workplace Retirement Income Commission stating that private sector workers must get a better deal from their pensions in order to be encouraged to save enough for retirement. In addition, the government has announced its intent to simplify state pension in order to encourage saving. 

Source: Mercer, 9 August 2011