Pensions - Articles - Robots, AI and State Pension Age

Kate Smith, head of pensions, Aegon comments on the TUC’s report ‘Shaping our Digital Future’ which argues that productivity improvements gained from digitalisation, robots and Artificial Intelligence should be used to benefit workers, eg by reversing policies to raise the State Pension Age.

 “People often fear that robots or AI software will replace them in the workplace, leading to fewer jobs, but together they have the potential to bring huge benefits to the way we live. 

 “There are two potentially significant benefits that could be realised. Firstly, greater use of technology should allow people to remain economically active, working in less stressful and physically demanding jobs for longer. In turn this may give people more flexibility when they wish to retire. Secondly, technology has the potential to create greater workforce productivity which has been a continual sticking point in recent years. Greater productivity is typically associated with higher wages that should be shared across society and enable greater long-term saving by individuals.

 “The combination of higher incomes and the ability to work for longer makes the possibility of a sustainable income later in life more achievable. Inevitably jobs will change, some will disappear, while others will be created as robotics advance into the workplace. As the pace of change accelerates, it’ll create new opportunities along with uncertainty. In an ever-changing world you never know what your personal journey will look like, so it’s always best to have a plan and try and save for different eventualities.”

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