Pensions - Articles - Comment on DWP labour market report for over 50s

 “Whether out of necessity or choice, more and more people are working past the traditional state pension age, but as the responsibility for retirement saving moves increasingly toward the individual, there are signs that financial security could be a driving force for people spending longer in work. One in seven people approach retirement without a private or workplace pension, and there is a real concern that most people in the UK have simply not saved enough to retire at the age they would like.

 “As the average retirement age increases, we’re calling on the government to introduce a more flexible state pension age, one that fits evolving work patterns. As people live longer and healthier lives, the state pension age is rising, but flexibility is required for those who may face job pressures, health issues or lack of employment opportunity and simply can’t keep working into their late 60s. The ever increasing state pension age is mismatched with private pensions which can be taken from 55, and those that need money early should be able to take a smaller amount over a longer period of time.”

 DWP’s trends for the economic labour market status of individuals aged 50 and over