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The 'Age Unlimited' scheme wants to see so-called 'Third-Agers' – people aged between 50 and 70 – shift their focus from retirement to being prepared for ageing. The scheme will experiment with ways of extending the working age and the level of social participation by the 'elderly', while striking a genuine balance between the contribution and costs that an ageing society generates.
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The PwC study also concludes that other policy measures, such as more rapid than planned increases in state pension ages after 2020 and other efforts to boost working lives, are worthy of consideration to minimise the scale of the fiscal burden that future generations are going to have to suffer
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Ros Altmann, a pensions expert and former economic adviser to 10 Downing Street, puts it succinctly: the pensions crunch will be worse than the credit crunch because it will affect more people, but both the public and politicians are intent on sweeping aside this unpleasant reality.
