The government must prioritise incentives that keep people in their mid-50s to mid-60s in work, according to a Lords select committee.

The Preparing for an Ageing Society inquiry, led by the Economic Affairs Committee, found that higher levels of immigration “would not be sufficient to address the challenges an ageing UK faces”.

Like many countries, the UK faces declining fertility and rising life expectancy, the committee said. However, it is “strikingly unprepared” for an ageing society and faces shrinking taxes and increased costs as a result.

“People born now and in the recent past stand to live much longer lives than previous generations, so they will need to retire later and save more to ensure they don’t run out of money in their later years. They will need to rethink their approach to life-course planning,” the inquiry found. Read more