According to the 105-page report from the House of Lord’s public service and demography committee, the number of pensioners and over-85’s is expected to increase by half by 2030. This will result in a sharp increase in those with multiple long-term health conditions.
The report reads, as quoted by The Telegraph: "The UK population is ageing rapidly, but we have concluded that the Government and our society are woefully underprepared.
"Longer lives can be a great benefit, but there has been a collective failure to address the implications and without urgent action this great boon could turn into a series of miserable crises."
The committee also made recommendations. It urged pensions industry and employers to overhaul the pension system so pensioners will have a clear idea as to what they can expect when they hit retirement.
The report received praise from different sectors. Baroness Greengross, chief executive of the International Longevity Centre UK and a crossbench member of the House of Lords said that the report gave a clear picture of what we can expect in not-so-distant future.
She said in a report by the BBC: "The report paints a picture of a health and care system which doesn't work for today's older population. Similarly our communities, housing and transport systems are ill-equipped for the challenges ahead."
Adding: “Policymakers should not be afraid to tell people they will need to work longer and that state pension ages may need to increase further as healthy life expectancy changes.”