Baby boomers benefited most but under-45s will pay - Tories

Baby boomers have done "disproportionately well" from the last 40 years, but it is the under 45s who will bear the burden as they retire, the shadow universities and skills secretary will say next week.

Those born between 1945 and 1965 will place a "huge strain" on public expenditure as they age, David Willetts MP will tell the National Association of Pension Funds (NAPF) Investment Conference in Edinburgh.

But it is their children's generation who will suffer the "serious economic consequences" of their parents' retirement.

Willetts will join more than 40 experts also speaking at the NAPF conference, including economist Roger Bootle and London Stock Exchange chief executive Xavier Rolet, to discuss how to effectively manage pension fund investments during a difficult financial environment.

In its policy document - Eight Benchmarks for Britain's Economic Growth, launched by George Osborne earlier this month - the Tories confirmed they would look to cap public sector pensions above £50,000.

The document also said they would work to restore the savings culture and encourage people to save more for retirement, and would work with both employers and the industry to support auto-enrolment into pensions for those on middle and lower incomes.

The Tories say they will bring forward the date at which the state pension age will rise to 66, if they win power at the next General Election.