Before revision: We employ stochastic dynamic microsimulations to analyse and forecast the pension cost dependency ratio for England and Wales from 1991 to 2061, evaluating the impact of  state pension reforms initiated by the Labour and continued by the Conservative governments .
After revision: We employ stochastic dynamic microsimulations to analyse and forecast the pension cost dependency ratio for England and Wales from 1991 to 2061, evaluating the impact of state pension reforms and changes in international migration patterns under different Brexit scenarios .