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It hasn't been easy winning new business from highly conservative pension funds which have been preoccupied with the plunging value of their assets and the rising longevity of their members.
But the demographic dividend ended in 2012, when the ratio of working age to total population peaked, ironically caused by the very same One Child policy that produced the demographic dividend, amplified by the rising longevity of the population.
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Rising longevity is one of the greatest social challenges facing our society.
"As we look ahead to the next parliament, we will need to ensure we tackle the challenges of rising longevity and fiscal sustainability," Hammond said.
He added: "But as we look ahead to the next parliament, we will need to ensure that we tackle the challenges of rising longevity and fiscal sustainability.
Now the PPF itself has said that it expects the levy will have to be "somewhat higher" because of rising longevity and lower interest rates.
The chancellor said that "we will meet our pledge to our country's pensioners through the triple lock", but added: "As we look ahead to the next parliament, we will need to ensure we tackle the challenges of rising longevity and fiscal sustainability".
Possible future changes to state pension entitlements were hinted at by the chancellor, Philip Hammond, in his autumn statement when he said: "As we look ahead to the next parliament, we will need to ensure we tackle the challenges of rising longevity and fiscal sustainability".
According to the most recent survey by the NAPF, combined contributions by employers and employees in the private sector into DC plans were 11.6% of eligible earnings compared with 14% into DB schemes.Yet contribution rates need to rise for both DB and DC plans because of rising longevity and lower expected investment returns.
But fewer children in the past means fewer workers today and rising longevity means a rising share of the population who are retired.
Some of this is the result of immigration and rising longevity but, according to David Coleman, a demographer at Oxford University, the recovery is also the result of older women having more children "almost sufficient to compensate for the sharply reduced birth rates of younger women".
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CEO of Professional Science Editing for Scientists @ prosciediting.com