A new government should introduce a range of new policies on retirement, health and social care, to release a potential “longevity dividend” worth half a trillion pounds, as well as deliver a range of social benefits, according to the International Longevity Centre (ILC).

Policies outlined in its new white paper include an auto-enrolment (AE) savings scheme to run alongside AE pensions, auto-escalation of minimum AE contributions, and ideas to help self-employed and gig economy workers save for retirement.

Other ideas floated in the paper included a “decent start” lump sum payment to young people who complete education to the equivalent of high school level.

This would be deposited automatically into a savings account, with additional incentives offered to people who choose to save the money, or to use it to fund education or meet housing costs.

The ILC also said that it wants to see at least six per cent of health spending directed towards preventative health measures, as well as suggesting that policymakers consider introducing some form of universal basic income.

Speaking at the lauch of the white paper at the ILC’s Future of Ageing conference, ILC chief executive, David Sinclair, said there appears to be some degree of cross-party consensus for some of the measures outlined in the white paper.

“The UK should aspire to be the place best adapted for long lives,” he continued. He and other speakers at the conference also declared this as the perfect time to engage with politicians and other policymakers in the run-up to a General Election.

Among multiple themes touched upon by speakers at the conference was the challenge of meeting and tempering the costs of social care through community-based initiatives to improve health, and the inequalities created by current economic and tax policies, including the way women tend to be ill-served by the current pensions system.

ILC trustee and London School of Economics Professor Alexander Evans highlighted the need for employers and the pensions industry to provide more support to people making the transition from full-time work into the next phase of their lives.

“We don’t often talk about how do we help people through what is one of the most difficult transitions of all: from their last job to whatever they do next,” he said, contrasting this with the amount of policy work dedicated to helping people move from education into work.

“Is there a way to encourage employers to do more than just an exit interview?” he asked. “Wouldn’t it be wonderful if we paired someone who’s been retired for five years with someone who’s thinking about retirement?”

Another theme was the difficulty and length of time needed to complete significant policy changes.

However, speaking as part of a panel discussion on how best to push longevity onto the political agenda, Fabian Society general secretary, Andrew Harrop, expressed optimism about the possibility that an incoming government might push forward with development of a National Care Service, addressing the issue of paying for care in old age which casts a long shadow across financial planning for retirement.

“I think [for] an incoming group of ministers who want to have something to show for themselves after five years … to show they have changed the country … this would be a pretty good thing to do,” he pointed out.

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