Prudential: Workers expecting to carry on past retirement age

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Prudential: Workers expecting to carry on past retirement age

As many as 1.8 million people are expecting to carry on in full-time employment past the traditional age of retirement in the next ten years.

Research from Prudential indicates that one in four companies expect their staff to continue in work, with employers in the North of England anticipating an average 16.2 per cent of their workforce asking to stay on longer.

However, just 2.4 per cent of the workforce is anticipated to stay on longer in the South.

Currently 2.6 per cent of the UK workforce is made up of people beyond statutory retirement age. In 2046 the retirement age is set to rise to 68 years.

As health and longevity improve, it is inevitable that people will need to prepare for a longer retirement, according to Martyn Bogira, director of defined contribution solutions at the pensions company.

He said workers have to choose to start saving younger or work longer "to avoid taking a significant drop in their standard of living in retirement".

Earlier this month, Axa warned that Britain could be headed for a pensions "dark age" as 64 per cent of the current workforce are relying on state pensions after dropping out of company programmes.

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