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Government actuary promotes retirement age rise

Government actuary Chris Daykin is suggesting raising the retirement age to reduce the financial pressure on strained social security budgets in OECD countries.


Daykin and his colleague David Lewis put forward the idea in a paper entitled &#39A crisis of longer life – reforming pensions systems&#39 presented to a joint meeting of the British and Irish Actuaries&#39 associations in Dublin this week.


Daykin pointed out that current UK mortality statistics indicate that a quarter of those born in 1980 will live until they are ninety.


The paper also warns that a move to increased funding is not a panacea for solving the financial strains on the social security system.


Daykin said: &#34The world cannot avoid facing up to the social security implications of the deteriorating old age dependency ratio over the next 40 years.&#34

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