Greater London has tops the table for the biggest increases in longevity in the UK over the next decade, according to Office for National Statistics figures.
Analysis by Aviva of ONS figures showed the projected longevity increase for Greater London is 24.9 per cent while the lowest is the West Midlands at 13.5 per cent over the next decade.
It comes as the government reviews recommendations on future changes in the state pension age, currently set to rise to 68 by the 2040s.
According to Aviva, since its inception in the 1940s the state pension has carried the same starting age across all corners of the UK – one for men and one for women but the ONS figures show age structures across the UK are very different.
The average age in the UK was 40 according to ONS data published in June 2015.
Aviva's analysis, using this figure and data published today, shows how age differs across regions of the UK, with the North East has the oldest average age at 45 and Greater London has the youngest at 38.
Alistair McQueen, savings and retirement manager at Aviva, said: “Aviva supports the objectives of the state pension review. We are living longer and that is good news.
"It is right that the government ensures that the state pension age is keeping pace. It is critical that the UK makes the most of all the skills and experience that the older generations have to offer.
“Any changes in the state pension age must be fair. The same state pension age for all is simple to communicate and helps people plan. The same state pension age for all, however, may overlook the different life expectancies of different regions."
The final report of the government-commissioned Cridland Review will be published by 7 May 2017.
The terms of reference of the review state any recommendations must be “affordable in the long term, fair to current and future generations of pensioners, and consistent with supporting fuller working lives”.
Justin King, a chartered financial planner with Dorset-based MFP Wealth Management, said: "There may be different life expectancies in different regions, but I can’t see how the state pension could be based on your postcode.
"A little tongue in cheek but maybe they could start to underwrite pensioners so they could calculate an equitable benefit."
Projected increase in population aged 65 and over in next decade | |
|
|
Greater London | +24.9% |
Edinburgh | +23.1% |
Glasgow | +20.4% |
North East | +19.9% |
West Yorkshire | +19.1% |
Cardiff | +18.5% |
Bristol | +18.4% |
Liverpool | +17.9% |
Greater Manchester | +17.6% |
Sheffield | +17.0% |
West Midlands | +13.5% |
|
|
All UK | +20.7% |
