More than 6.5million Britons believe they will be forced to work past pension age – and most of them are women
10:10 GMT, 28 November 2012
Around 6.5 million people currently over the age of 50 say they plan to work beyond the State pension age – and women will be the biggest losers, a report reveals today.
The finding highlights the social impact of Britain’s pensions crisis as gold-plated schemes which pay for a comfortable old age are approaching extinction in the private sector.
When asked why they will continue working, the most common answer given by workers over the age of 50 is that they will be 'forced to do so to survive financially’.
The report by retirement specialist LV says around 4.1 million women over the age of 50 expect to work beyond State pension age
But the report, from the retirement specialist LV, says women will be much more dramatically affected than men.
It says around 4.1 million women over the age of 50 expect to work beyond State pension age, compared to only 2.4 million men.
The average person said they plan to keep on working for ‘an extra six years and two months’ beyond the State pension age, whatever it will be when they reach the landmark.
For men, they expect to work for an average of an extra six years and nine months, compared to five years and eight months for women.
The LV report, based on a poll of 1,521 over-50s, said half of over-50s who are working and expect to work beyond State pension age say 'affordability' is the main issue
the report suggested Britain is on the brink of a social revolution,
with today’s workers retiring many years, or even decades, after their
own parents and grandparents.
The LV report, based on a poll of 1,521 over-50s, said half of over-50s who are working and expect to work beyond State pension age say ‘affordability’ is the main issue.
Around a third say they want to stay in work ‘because they enjoy it’, although this number has dropped from 43 per cent two years ago.
The report states: ‘Working past retirement is becoming less of a choice and more driven by necessity.’ New Government rules forcing bosses to pay into a pension for their workers for the first time are designed to solve the ballooning pensions problem.
Starting last month, up to 11 million workers are being automatically signed up to a pension over the next five years if they are between the age of 22 and State pension age and earn more than 8,105 a year.