Miles, DavidPensions in an ageing society Strains and pains of becoming older together / David MilesSumario: The article examines the economic and fiscal challenges posed by population aging, focusing on the United Kingdom as a representative case of advanced economies. It addresses three key issues: how to adjust to longer lifespans when public spending on pensions and healthcare is under pressure; the scale of fiscal strain and ways to alleviate it; and how to manage uncertainty in a context where the state has a reduced capacity to insure individuals against risks. The analysis evaluates the limitations of defined benefit (DB) pension systems and the shift toward defined contribution (DC) schemes, as well as the feasibility of collective defined contribution (CDC) arrangements. The author concludes that increasing fertility or immigration is not a sustainable solution, and that extending working livestogether with policies that promote flexibility and fiscal sustainabilityis the most realistic way to address demographic agingEn: The Journal of the economics of ageing . - Oxford : Elsevier ScienceDirect, 2021-. - 13/04/2026 Volumen 34 - 2026 1. Pensiones. 2. Economía del seguro. 3. Gerencia de riesgos. 4. Política económica. 5. Envejecimiento de la población. 6. Reino Unido. I. Título.
