UK, those going into retirement vs new workforce – Information request

Requesting to learn of how many people are retiring in the UK, 2019 vs how many people are coming into the workforce to replace those going into retirement.

 

Table 1: Projected number of people in the UK of State Pension age (SPa) or older[1]  
  Projected number of people of SPa or older (thousands)
2018 2019 2020 2030 2040 2050
Women 6,723 6,582 6,497 7,332 8,672 8,790
Men 5,559 5,530 5,462 6,290 7,487 7,560
Total 12,283 12,112 11,958 13,622 16,159 16,351
Total as % of working age population 30% 29% 28% 31% 37% 36%

 

Important: The table also takes into account planned increase in the SPa for both men and women to 66 in 2020, and the provision in the Pensions Act 2014 for the increase in SPa to 67 to be brought forward to occur between 2026 and 2028. It is assumed that the increase from 67 to 68 takes place between 2044 and 2046 as currently legislated, however this may be brought forward as a result of the SPa review set out in the Pensions Act 2014. [2]

[1] ONS 2016-based principal projections for the UK

https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationprojections/datasets/tablea11principalprojectionuksummary

[2] see PPI (2019) The Pensions Primer: a guide to the UK pensions system for further information

Above information source: https://www.pensionspolicyinstitute.org.uk/research/pension-facts/table-1/

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