A million pensioners still in work

Aug 18 2004 by Brian Amble Print This Article

The sharp-eyed Evening Standard has picked up the fact that just over a million people over the current State pension age of 65 for men and 60 for women are still working, an increase of almost a third up on ten years ago.

The statistics mean almost one in ten people aged 65 to 69 is working and a third of those aged 60 to 64, with many being forced to keep grafting by financial necessity.

The retirement crisis is blamed on longer life expectancy, falling share prices, taxes and the plummeting value of the State pension. There is a multi-billion-pound shortfall between what Britons are saving and what they should be putting aside.

Meanwhile, many firms are closing final salary pensions and switching employees to riskier equity-based schemes.

Evening Standard | Record numbers put off retirement