The population of the UK is expected to grow by approximately 3 million people by 2028, though according to the latest ONS data, this won’t affect the number of people of pensionable age.
Over the next ten years, the UK population is forecast to grow from an estimated 66.4 million people in mid-2018, to 69.4 million in 2028. The ONS revealed that 27% of UK population growth is projected to result from more births than deaths, with 73% resulting from net international migration.
There will be an increasing number of older people, as the proportion aged 85 years and over is projected to almost double over the next 25 years – though because the Government is expected to increase the State Pension age, the ONS doesn’t expect much change from the current proportion of living pensioners in the UK.
The ONS commented: “Although migration declines at first, and the number of births is stable, the number of deaths is projected to grow as those born in the baby boom after World War Two reach older ages.
“The population is increasingly ageing, and this trend will continue. However, because of the expected rise in the State Pension age to 67 years, it is projected that slightly fewer than one in five people will be of pensionable age in 2028, a similar proportion to today.”
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