Report: 1.8m Brits to work beyond retirement

Monday, November 16th 2009

New research has suggested that companies expect 1.8 million of their employees to work beyond the standard retirement age in ten years' time.

According to a survey of company finance directors by Prudential, one-quarter of firms think some of their staff will still be employed after the retirement age has passed in the next decade.

This is likely to be due to improving health and longevity, which means workers need to find ways to fund a longer life, said Martyn Bogira, director of defined contribution solutions for Prudential.

He added: "The statutory retirement age for men and women is due to rise to 68 by 2046, so working longer will be a fact of life for those entering the workforce today."

A recent poll by Croner indicated that one-third of Britons think they will continue to work until they are over 65, while one in ten believe they will do so when in their 70s.

About 44 per cent of respondents said they will work up until the age of 65.