All news
Britons 'working for longer'
February 17, 2012
New figures show that many Britons now work beyond the age of 70 due to a lack of pension savings.
People in Britain are retiring later in life, according to new figures from the Office for National Statistics (ONS).
Figures show that one in eight women and one in ten men now work past the age of 70, with many forced to do so due to a lack of pension savings.
According to the ONS' 'Pensions Trends' report, just one in three private sector workers has a company pension - and the average pension pot for those who do have one is worth just £1,400 a year.
Joanne Segars, chief executive of the National Association of Pension Funds, told the Daily Mail: "Unfortunately too many people reach retirement age only to find their savings and pension are not enough, and so they have to keep working for years longer than they imagined."
She added: "The UK is not saving enough for its old age, so this trend is likely to increase."
Mike Morrison, head of pensions development at AXA Wealth, said the figures confirmed the widespread belief that people are retiring later.
He advised: "Having a healthy risk appetite at the early stages of saving is vital, so people can take some of the risk off the table as they grow nearer to retirement."
Private Health Insurance News
