The UK is not alone in wondering how best to deal with a ticking demographic time bomb. Countries throughout the western world are seeing fewer babies born and more people living longer.
A shrinking workforce means fewer people paying the taxes that fund pensions and other benefits. The number of people of pensionable age is projected to reach over 15.2 million by 2045, a 28 per cent increase on the level in 2020.
The pension age in the UK has already been raised to 66. Further increases in the state pension age are already planned, starting with an increase to age 67 between 2026 and 2028.
