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Foundation to count costs of living longer

Leading industry figures are involved in a not-for-profit organisation called the Life Trust Foundation to raise awareness of the financial consequences of increased longevity.

The board includes Tory peer Lord Hunt as chairman, Aifa deputy director Fay Goddard and former FSA divisional director Anna Bradley.

The foundation will promote research and innovation in the way that financial services responds to longevity. Help the Aged director general Mike Lake will be a director.

In its first year, the foundation is to work with the Institute of Ageing at Oxford University to set up a consumer panel of people aged 60-85. It will look at how other countries are planning to cope with ageing populations and an autumn seminar is scheduledLord Hunt says: “Many people do not realise the scale of the financial impacts associated with increasing longevity and it is this sentiment that lies behind the foundation’s formation. We are pledging to take a leading role in providing people and institutions with the knowledge they require to face up to the fact we are all living longer.”

Aegon Scottish Equitable head of pensions development Rachel Vahey says: “The changing needs of people in retirement are a key focus for Aegon and we think there is scope for life companies to innovate to provide the right solutions. We need to work with the Government to get the legislative framework right, with the health and voluntary sectors and with older people themselves. The foundation looks like it could be a really useful forum to kickstart this.”

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