2013

1 in 10 people over 65 are still in work due to low pension incomes

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The number of people over the age of 65 who are still in employment has hit one million for the first time, according to figures from Office of National Statistics (ONS). 

The figures look at labour statistics for the three months running till the end of April and show that approximately 615,000 men and 388,000 women over the age of 65 are still working.

It has been suggested by industry experts that the reason for this increase is most likely due to low pension incomes through people not saving enough for their retirement. This is one of the main reasons behind the government’s imminent workplace pension reform. By introducing widespread auto enrolment pension schemes, it is hoped that people will be encouraged to start saving at an earlier age, therefore leaving them in a better position when they come to retire.

These figures do vary by region as well, with up to 11.4% of pensioners in London still being in employment, compared to only 6.7% in the North East of England.
These figures further highlight the importance of thinking ahead when it comes to retirement. Whether you are an employer or an employee, it is vital to understand auto enrolment and how the changes will affect you. Industry experts are recommending that people start preparing up to 18 months before their staging date.

It has been suggested by industry experts that the reason for this increase is most likely due to low pension incomes through people not saving enough for their retirement. This is one of the main reasons behind the government’s imminent workplace pension reform. By introducing widespread auto enrolment pension schemes, it is hoped that people will be encouraged to start saving at an earlier age, therefore leaving them in a better position when they come to retire.

These figures do vary by region as well, with up to 11.4% of pensioners in London still being in employment, compared to only 6.7% in the North East of England.

These figures further highlight the importance of thinking ahead when it comes to retirement. Whether you are an employer or an employee, it is vital to understand auto enrolment and how the changes will affect you. Industry experts are recommending that people start preparing up to 18 months before their staging date.

Make sure you are prepared by boking a place on one of our new auto enrolment training seminars.

Posted by
Matthew Thompson
17 June 2013
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