Opportunities of a lifetime

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Opportunities of a lifetime

• Richard Worsley
• The Tomorrow Project

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• Demographic trends
• Retirement, longer lives and pensions on the
  agenda
• Implications for individuals, employers and
  Governments

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The Tomorrow Project

• Helping organisations and individuals to think
  about the future of peoples lives
• www.tomorrowproject.net

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LIFE EXPECTANCY AT BIRTH20th Century
Source National Statistics
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LIFE EXPECTANCY AT BIRTH20th and 21st Centuries
Source National Statistics
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Trends

• Trend to early retirement halted
• More people working after state pension age
• Fewer young people available
• Skill shortages

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Ageing population the policy agenda

• Inadequate savings
• Age discrimination legislation
• Changing attitudes to the life course

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Ahead of its time? ..

• The very concept of retirement needs to be
  challenged. Retirement fits well with a situation
  where leaving ones lifelong job is associated
  with the end of one's working life. This is an
  increasingly inaccurate description of what
  happens. It would be useful in the short term to
  blur, and in the long term to abolish, the
  concept of retirement.
• (From Winning the Generation Game, Prime
  Minister's Policy and Innovation Unit, 2000)

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Implications for Governments

• State pension reform
• Funding of retirement income
• Patching up or radical change?

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Implications - for employers

• Changing pension schemes and cutting costs?
• Skill shortages and new sources of recruitment?
• Who needs compulsory retirement?

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Implications - for individuals

• Pensioners and poverty
• Sellers market for labour choosing the best
  employer
• Who can I trust?

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• How real an issue for me?
• Whos doing what about it?
• What help do we need?