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Intergenerational Fairness

Over the past decade the issue of an intergenerational settlement, has steadily risen up the political agenda, across a range of public policy areas. This is partly because of the UK’s changing demographics, in particular the ageing population.

The population is growing, individuals are living longer, and in the coming decades there will be a growing proportion of older people in the population. The number of those over the age of 75 is projected to double over the next 30 years.  All the while, improvements in healthy life expectancy are not keeping pace with this increasing longevity. All these trends point towards increased pressure on public services, in particular social security, health and social care, as the number of people using public services, such as drawing a State Pension or using the NHS, outnumbers the number of those paying into the system through general taxation. Discussion of intergenerational financial transfers have been a key theme for exploration in the growing discourse in this area. As actuaries we are also concerned about the transfer of risk between generations, from within the family, from someone’s employer, and from the government to certain individuals.

Intergenerational Fairness Policy Papers  

Intergenerational Fairness Consultations

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Events calendar

  • Spaces available

    We’ve all heard about the gender pay gap. Sadly, the gap doesn’t just exist with base pay.

    Research carried out by Legal & General in 2021 across the four million members in our Defined Contribution (DC) pensions, found that there’s a gender pension gap too, continuing the divide between men and women.

  • Spaces available

    As current global events continue to demonstrate, geopolitical tensions present significant risks to corporates of all sizes. However, these types of risk are often not given the discussion time it needs at the board level or executive committee levels, nor the resources required to anticipate, analyse and mitigate them effectively.

  • Spaces available

    At retirement, it has become very popular for those with Defined Contribution (DC) pensions to choose drawdown rather than an annuity, but drawing a sustainable lifetime income in this way is an impossible challenge for most people. We consider a Decumulation Pathway for the typical consumer, where a small part of the DC fund is set aside for any flexible access and legacy requirements. The bulk is then used to provide a lifetime income, utilising the pooling or insuring of longevity risk.

  • CILA 2022

    23 May 2022 - 24 May 2022

    Spaces available

    We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; transitioning to Net Zero; increased inflationary pressures and supply chain issues; to self-imposed changes in regulatory requirements. CILA 2022 focuses on these challenges to ensure we continue to be informed and remain battle ready, as well as showcasing highlights of recent CMI outputs.

  • Spaces available

    In the spirit of fostering the IFoA’s vibrant, global community and enabling our members to participate, we have decided to hold our AGM virtually again this year. This allows for greater accessibility to this important annual event, and for greater accountability of our organisation.

    The Business of the AGM

  • The IFoA Conference 2022

    133 Liverpool St, London EC3A 7BX and Online
    22 June 2022 - 23 June 2022
    Spaces available

    We’re delighted to welcome you back to our first in-person conference since early 2020, also being delivered virtually in our first-ever hybrid event. The theme of our inaugural two-day conference is ‘Focusing on tomorrow’s actuary’ and will explore the contribution actuarial science is making to some of tomorrow’s biggest issues.