Leading figures in the pension industry are discussing the current longevity issues and possible solutions in Europe at The International Longevity Risk and Capital Markets Solutions Conference in Amsterdam.

The conference, named Longevity 14 and hosted by the Pensions Institute, Cass Business School and Netspar, addresses the issues of longer lives for pension, insurance, capital market, policymakers and actuarial and academic professionals.

As Europe’s rising longevity and falling birth rates are reaching a point where the elderly population grows relative to the working-age population, retirement systems are being pressured.

Nearly one in three Europeans will be over the age of 65 in 2050, a trend that promises to strain the finances of retirees and their families, as well as the societies in which they live, conference sponsor Prudential Financial announced.

Conference founder and host David Blake, professor at the Pensions Institute at Cass Business School said: “Longer life is a gift, but it creates real and profound implications for pension schemes and retirement plans that help people live dignified lives as they grow older.

“Making sure people’s retirement income is both adequate and lasts a lifetime are two of the great challenges of our time.”

The conference has been held annually since 2005, this year in Amsterdam as the Netherlands has the highest income replacement rate among the world’s developed countries, 101 per cent in 2016 according to the OECD. However, the Dutch system is currently considering major reforms because of the demographic changes.

Prudential Financial senior vice president and head Amy Kessler said: “We can create retirement security. It takes time and discipline, but we can do it. For every person we help to achieve financial wellness and a secure retirement, we will dramatically improve the last thirty years of their lives.”

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