LV= highlights 'worrying' pensions calculator issue

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LV= highlights 'worrying' pensions calculator issue

A source from LV= has described it as "worrying" how long people over the age of 50 intend to work.

Ray Chinn, head of pensions at the company, explained that many individuals plan to work way past the state retirement age to guarantee they achieve the income they desire when they finish employment.

His comments were made following research by LV= showing 26 per cent of over-50s think they will work for an extra five to ten years.

"This is not only because there is not enough in their pension pots, with nine per cent of over-50s saying they need to maintain an income to financially support their children," said Mr Chinn.

He highlighted how some people intend to be employed as many as 15 years past their retirement age and even work longer hours than when they were in the prime of life.

Last month, LV= published a study showing the difficult economic climate has not dimmed many consumers' love for luxuries such as holidays, television subscriptions and nights out.

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