Magazine |
Seven out of ten to work beyond retirement

Some 71% of workers aged over 55 said they were planning to work beyond the state pension age, compared with just 40% who gave the same response two years ago, according to research carried out by the Chartered Institute of Personnel and Development (CIPD).

The institute blamed the recession on producing a dramatic shift in such a short period of time among the plans of those approaching the state retirement age.

The research also revealed that the younger you are the less of a concern the issue of retirement is, suggesting a confidence that does not exist in those much closer to the retirement age.

The research indicated that just 30% of people aged between 18-24 plan to work beyond the state retirement age; 52% said they had not made a decision and 18% said they would not work beyond their retirement. Just 23% of individuals in this age group stated that they have a pension with their current employer.

The CIPD is calling on employers to offer greater support and advice for employees wanting to save for their retirement. Charles Cotton, reward adviser, CIPD, said: ‘Employers need to review how they are helping their employees save for retirement to get value from their pension spend from 2012 onwards. With more people planning to work past 65, employers will have to accommodate older workers and motivate those who wish they could be elsewhere.’
The research also showed a disparity in male/female pensions with 52% of men compared with just 39% of women saying they have a pension with their current employer.

02/12/09