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Press comment: Life expectancy increases wane, but another rapid rise remains on the cards

07/08/2018

If you’re covering today’s figures from the Office for National Statistics on life expectancy please see the following comment from Ian Browne, pensions expert at Quilter plc

Ian Browne“With constant medical improvements increasing life expectancy has become a given so it may come as somewhat of a jolt that those increases have dropped. However, historical data shows us that life expectancy does not increase at the same steady pace, it goes in bursts that correspond with medical advancements.

“The latest figures seems to counter the pace at which the state pension age is rising. The state pension age is due to rise to 67 by 2028 and 68 by 2046. However, these increases are really an example of the state pension age playing catch up with advances that have already happened.

“A slowing increase should not be mistaken for a decline. In fact those who are in there 60s should be prepared in case of another rapid increase. This is likely to come when medical solutions to mental illnesses like dementia arrive, which are currently an increasing reason for death. Figures from the ONS revealed that for those aged 90 years and over, mortality rates for mental and behavioural disorders have more than doubled since 2010 for both males and females.

“It’s critical people are realistic about the possibility of living to 100 and plan their finances accordingly. And if you’re a couple, you also need to ensure that whoever outlives the other isn't left in poverty as a widow or widower. Trying to figure how much to save is extremely challenging and there is no perfect science. For many people working backward will probably deliver the most accurate picture of how much you need to save.”

For more information contact

Kathleen Gallagher023 8072 629307990 004932kathleen.gallagher@quilter.com

Notes to Editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.4 billion in investments (as at 30 June 2019).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

The Quilter plc businesses are being re-branded as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Charles Derby Group (becoming Quilter Financial Advisers)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
  • Old Mutual International (becoming Quilter International in 2020)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.