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A new report by The Office for National Statistics (ONS) states that the number of people in the UK working beyond the state pension age (SPA) has almost doubled since 1993, to stand at 1.41 million in 2011. This reflected not only a growing and ageing population, but pressure to keep on earning beyond retirement age.
In 1993 there were 753,000 people working past state pension age, this figure stayed flat until around the year 2000, but since then almost doubled to 1.45 million in 2010.
In fact, between the first quarter of 2008 and the fourth quarter of 2010 alone the number of over-65s in the workforce increased 19.5%, while the number of over-65s working full time soared 20% and those in part time employment jumped by 20%.
Why? The rise in life expectancy, diminishing pension returns, and a growing cost of living explain this, the question of where older Britons will find work in a country with millions already unemployed has rarely been looked at.
About two thirds of those working beyond SPA are working part-time. And just over half work for small employers, who are more likely not to provide a pension scheme.
The ONS research found that 32% of the older workers over SPA were self-employed, compared with 16% of their younger counterparts. Also, those employed by someone else were likely to have been with their employer for a long time, with 62% of those working beyond SPA (Statutory Pension Age) had been with their current employer for 10 years or more.
Peter Ham, Audit Director of ABDS says:
“Many are choosing to ease into their retirement for social and financial reasons. They want to keep their options open and need retirement income solutions which are flexible enough to adapt. With half the workforce not saving into a pension, this is going to become a painful reality for millions."
If you need any help and advice on Retirement Planning, Inheritance tax, capital gains Tax, or in settling an estate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: email@example.com
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