Pensions - Articles - COVID19 has record number of over 65s kicked into retirement


Comment from Steven Cameron, Pensions Director at Aegon, following today’s publication of the latest labour market figures

 Steven Cameron, Pensions Director at Aegon said: “The latest employment figures from the ONS confirm that it’s the youngest and oldest age groups who are bearing the biggest brunt of job losses as a result of COVID-19. In the 16-24 age group, there are 100,000 fewer in employment than the last quarter, a drop of 2.6%. It’s vital that we create opportunities for those starting their working lives and we hope Rishi Sunak’s kickstart scheme, which is targeted specifically at this age group, will make a big difference. 

 “However, the decline in employment amongst over 65s is even more stark, having fallen by a record 161,000, or by a staggering 11.3%. The Chancellor has no new initiative for this age group, so for many this will mean being kickstarted out of work and into retirement earlier than they had planned. In recent years we’ve seen an accelerating trend towards people transitioning into retirement, continuing to work after traditional retirement ages often on a part time basis. For some, this is to remain active while for others, with gold plated final salary pensions largely a thing of the past, it’s a financial necessity. Unfortunately, it looks like for many, what they’d hoped would be a gradual transition has turned into a sudden departure from work. This shows how important it is that the Government looks at every age group and considers how best to support them as we tackle the COVID-19 crisis.

 “Anyone whose retirement plans have been disrupted by an unexpected loss of employment in later life should consider seeking financial advice to explore their options.”

 
 * ONS- Employment in the UK
  

Back to Index


Similar News to this Story

94 percent view State Pension as an entitlement not benefit
Majority of adults aged 66+ say that Triple Lock is affordable and fair to older generations. Around one in seven rely on the State Pension to provide
Fair play off the pitch
Male players in the English Premier League earn an average of more than £3 million per year, while their female counterparts average around £47,000. T
Why Bitcoin matters to Pension Schemes
Back in November 2024, Cartwright Pension Trusts announced its role in facilitating the first-ever UK DB pension trust investment in Bitcoin. With the

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.