Milliman：2026年英国和爱尔兰养老金的三大支柱白皮书（英文版）

Although the three retirement pillars are conceptually similar in the UK and Ireland, reform trajectories and market dynamics differ meaningfully. Demographics constitute the common strategic challenge. Within Pillar 1, in the UK, a combination of weak economic growth, an ageing population and generous benefit indexation is combining to drive up the cost of the New State Pension as a percentage of GDP. This is prompting incremental State Pension Age (SPA) increases and affordability debates.