Britain is ‘woefully underprepared’ for the consequences of an ageing society and could face a series of age-related crises, a House of Lords committee has warned.
The committee’s report, “Ready for ageing”, suggests that private sector employers, government and the financial services industry must work together to tackle the ‘serious deficit’ in defined contribution pensions.
It called on the government to work with the financial sector to support the growth of a ‘safe, easy-to-understand equity release market’.
Figures in the report show that, by 2030, England will have double the number of people aged 85 and over than it had in 2010.
For more information and a link to the full report click here.