Holiday season is upon us. If you’ve already been, I hope it was great. If you’re booked and raring to go, have the best time. If you’re undecided, maybe go on a pensions “busman’s holiday”. Maybe?
Here are my handy holiday hints for my fellow pensions passionistas.
Pension pressures are not unique to the UK. I’d argue that one of the biggest pressures of the next 100 years will be our ageing societies. The humble pension will be at the heart of our response to that.
As a pensions industry, we have a vital role to play in helping people prepare, and auto-enrolment has done a huge amount to boost pension participation.
So, while you’re chilling on that beach, or climbing that hill, or pitching that tent, maybe think about how the locals are embracing ageing.
Such discipline may not fuel your most hedonistic holiday, but the figures certainly suggest a longer life expectancy
Need ideas of where to go?
You could head for the “blue zones”. These are the corners of the world noted for their exceptionally long life expectancies. Their label “blue zone” carries little romance. The scientists who first studied them simply circled the zones on a map with a blue pen. Italy, Japan, Costa Rica and Greece could be on your “blue zone” holiday list.
Plant-based diets, moderate alcohol consumption and routine exercise are believed to contribute to the longer life. Such discipline may not fuel your most hedonistic holiday, but the figures certainly suggest a longer life expectancy.
If not the “blue zones”, you could perhaps explore those countries noted to have the “best” pension schemes. For this adventure, I’d recommend the Mercer CFA Institute Global Pensions Index. See this as your Tripadvisor for pensions tourism.
You may have little need for your flip flops, but you’ll be rewarded with a pension system that demonstrates great adequacy, sustainability and integrity
Every year, it ranks the leading pension systems around the world. On its list of 47 destinations, the UK ranks a decent 10th. But, for your top-tier pensions adventure, it recommends Netherlands, Iceland or Denmark. These are reported to be your five-star pension playgrounds, with each carrying a score of more than 80 out of 100. The global average score is 63.
Admittedly, you may have little need for your flip flops, but you’ll instead be rewarded with a pension system that demonstrates great adequacy, sustainability and integrity. What more could you want? And, if you are watching the pennies, EasyJet fly to all.
If your philosophy is that life is for living, you may want to reach for the International Longevity Centre’s Healthy Ageing and Prevention Index. This analysis throws the net wider by examining 153 countries against metrics such as life expectancy, income and happiness.
More than one-in-three of the populations of Christchurch, North Norfolk and New Forest West are aged 65 or over
The UK ranks 15th overall and a sad 25th in its happiness league table. But top of the table are Iceland, Switzerland or Sweden. A healthy long life, fuelled by a healthy income and a healthy environment, carries these three to the top.
Impressively, this is Iceland’s second recommendation. There must be something in those geysers. And Iceland also has a national holiday, called “Beer Day” – on 1 March – to mark the ending of 74 years of beer prohibition in 1989. Chapeau.
Finally, if you are wanting to stay in Blighty, you could consider a tour of our youngest and oldest constituencies in the UK.
According to the Office for National Statistics, more than one-in-three of the populations of Christchurch, North Norfolk and New Forest West are aged 65 or over. At the other end of this spectrum, only one in 20 in Birmingham Ladywood, Manchester Rusholme and London’s Poplar & Limehouse fall into this age group.
It could be interesting to see what these communities have in common and where their aspirations diverge.
Wherever you go, have a great time!
Alistair McQueen is head of savings and retirement at Aviva
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