Office for National Statistics UK Life Expectancy Falls

The Office for National Statistics (ONS) has released its latest UK life expectancy figures based upon 2020-2022.

Clearly, this has been affected by the Covid-19 pandemic and life expectancy in the UK is down as follows:

• At age 65 years life expectancy is 18.3 years (83.3 years old) for males and 20.8 years (85.8 years old) for females.
• This is a fall of 22 weeks for males and 15 weeks for females.

Life expectancy in the UK peaked in 2017-19 but has been hit by Covid-19.

• Life expectancy at birth has fallen as massive 38 weeks for males since the 2017-19 peak, now at 78.6 years old.
• Life expectancy at birth has fallen 23 weeks for females since the 2017-19 peak, now at 82.6 years old.

Comment

This has big repercussions for financial services.

• Will annuity rates increase?
• Will insurance premiums increase?
• Should you plan for a lower pension fund or even draw more down from your flexible drawdown scheme?
• Will government plans to increase state pension age to age 68 be pared back?

We think not.  When covid-19 figures drop away in a couple of years, we are sure life expectancy will increase again.

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