The number of over 85s is forecast to double from 1.6 million in 2016 to 3.2 million in 2041, figures from the Office for National Statistics have revealed.

Looking at the UK population as a whole, it is projected to increase from an estimated 65.6 million in mid-2016 to 72.9 million by mid-2041. Of the projected 7.3 million increase between mid-2016 and mid-2041, approximately 2.8 million (39 per cent) is because of projected natural increase as there will be more births than deaths, while around 4.4 million (61 per cent) is because of net migration.

Commenting, Aegon pensions director Steven Cameron said: “As a nation we’re getting older with the proportion of people aged above 60 due to climb from 24 per cent today to 30 per cent by 2037. Part of these trends are down to assumed significant net migration, which could be affected by the outcome of Brexit negotiations and net migration.

“The other key factors are lower birth rates and importantly, increased life expectancy. It’s great that on average, we’re living longer but this has its own challenges including the need for a new deal on social care costs and a far greater focus on retirement provision. Over the coming decades we’re likely to see profound changes to the way in which people work and save, with many more people transitioning gradually into full retirement and greater take up of part time work.

“With the proportion of the population aged over 85 expected to double over the next 25 years, the writing should be on the wall for younger generations who should be planning to work longer or to fund what could be a thirty year retirement.”

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