Shove ... the ONS population pyramid set to 2015 shows the small boomer spike and the bulges of the 60s, 80s and late 00s.
Where I have issues with the projections is the idea that only 138,000 boomers will die in the next ten years. Or that the troughs of the 70s and early 00s somehow do not factor.
Put it this way ... in 1995, we had 5.5 million people over the age of 70 and 38 million people between 18 and 70. In 2015, we have 5.8 million people over 70, yet 43.6 million people between 18 and 70.
In the last twenty years, the proportion of economically active individuals to pensioners has actually got better. Yet it is over this period that the arguments about not having enough economically active individuals to sustain the elderly has taken root and that is why we require migrant labour now.
I am not saying that we may not require significant levels of migrant labour to sustain our population structure in thirty to forty years time, but we do not need it now because all we are doing by encouraging migrants now is importing a bigger problem down the line when those migrants, now in their 20s and 30s, get old themselves -- in thirty to forty years time.
What we really need is a frank discussion about education and training so that our labour demands can be met from the existing population and a plan to maintain population levels in a way that is sustainable over the long term and allows for the population to have the ability to access quality public services and reasonable living space.
Again, what we would require in the future in terms of migrant labour is not only labour, but individuals who would make a net contribution to the exchequer ... and to do so in an environment of less than full employment, they need to earn over about £35k pa and use no public services, which is somewhat of a big ask.
When it comes to pensions, well, this is the elephant in the room. The state pension bill is already enormous, more than the cost of running the NHS. I suspect that the state pension age will rise to 75 over the next twenty years, the amounts will reduce, probably through inflationary pressures, and state pensions will become means-tested (i.e. the value of your assets will come into consideration, so you won't get a pension if you own in a property over a certain value, regardless of your actual income). Put it this way, I am in my early 40s and I do not expect a state pension when I get to 70.