Governments 'must wake up to' the cost of longevity - think tank

In a report, The cost of our ageing society, ILC-UK calls on governments across the world to consider linking eligibility ages of state pension to life expectancy. Baroness Sally Greengross, chief executive of ILC-UK, warned: "Our ageing society will have significant impact on state spending on pensions, health care, long-term care and unemployment benefits." The report estimates spending on state pension, benefits and public service pensions in the UK will to rise from an annual cost of 8.9% to 10.8% of GDP between 2016/17 and 2061/62 (equivalent to a £33bn increase). Long term ca...