24/10/2007 - New statistics show Britain's ageing population

New figures from the Office of National Statistics have revealed that the population is both increasing in size and getting gradually older.

According to research from the Office of National Statistics, the UK's population is expected to increase to 65 million by 2016, rising to 71 million by 2031. Citizens within the country are also getting older, with the average age in the country rising from 39.6 last year to 42.6 in 2031.

But most notably, the size of the population which falls into the over-75 category will rise most quickly, the Office of National Statistics claims.

There will be a 76 per cent increase in the size of this group by 2031, with 8.2 million adults expected to be over the age of 75 in that year.

Such trends are likely to have an effect on the pensions market. The number of workers per pensioner is expected to fall to 2.9 by 2031 and may continue to fall beyond this date. As such, pensions provision could have to stretch further as more people will be above retirement age. However, some workers may opt to continue working for longer as a way to increase their income in retirement.