Pensions - Articles - Comment on House of Lords Economic Affairs Committee inquiry

Catherine Foot, Director of Standard Life’s Centre for the Future of Retirement: “We warmly welcome the final report published today of the House of Lords Economic Affairs Committee inquiry into 'Preparing for an ageing society' and we urge the government to provide a formal response to the inquiry as soon as possible, setting out a clear, strategic and cross-departmental plan of action. Longer lives are an extraordinary success story, but our policies and institutions have not yet caught up. Action is needed throughout the life course, but particularly during the transition between work and retirement, over the ages of 55 to 70, where people’s circumstances vary enormously when it comes to their ability to work, save and care for their families.

Longer lives transform the shape of families, with four or even five generations alive at once, raising complex questions about intergenerational support, wealth transfer and how working-age adults balance employment with caring responsibilities. I was pleased to have given evidence earlier this year and strongly advocated for a range of measures to help people maintain financial security in later life as our society ages. These include better access to flexible, good-quality work, proactive employer support when health conditions arise, access to lifelong learning and decisive action to tackle age discrimination. Unless we act now, we risk worsening pension poverty in years to come.”