Pensioners plan to continue working beyond retirement

There are an increasing number of workers at pensionable age who are planning to stay in employment for longer, a report has shown.

According to Prudential's Class of 2011 survey, 62 per cent of employees who had planned to retire this year are considering postponing their pension in an attempt to raise more money for their retirement.

This could be of note to companies that might have to look into dispute resolution advice if they have an older working team as a result of this.

Vince Smith-Hughes of Prudential stated that the Default Retirement Age will also be phased out this year, which will mean more employees will be able to work beyond the age of 65.

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He added: "Additional retirement income is also becoming more important as the security of a defined benefit pension scheme disappears for many people."

This comes ahead of the government's public sector job cuts, which could see the most vulnerable employees being put at risk and being made redundant, according to the GMB.

Posted by Ross George