Number of working pensioners hits 1.41 million
14 Jun 2012
The number of pensioners working beyond the state pension age (SPA) climbed to 1.41 million in 2011 – up from the 753,000 recorded in 1993.
Figures released by the Office for National Statistics (ONS) show that 12% of older people are now in work, with two-thirds of this number choosing to work part-time.
The organisation found that there were many factors influencing people’s decision to work for longer, including financial pressures and increased life expectancy.
Last year the Government also began phasing out the default retirement age, giving many employees the option to continue working if they so choose.
‘The number of workers above SPA has risen at a faster rate than the population,’ the ONS said.
‘There may be many factors influencing the decision for more people to work past SPA such as the improved health and well-being of this group, financial pressures, people living longer and wanting to remain active in society and others.’
Meanwhile, Darren Philp of the National Association of Pension Funds (NAPF), said: ‘Many are choosing to ease into their retirement for social and financial reasons, and part-time work is a popular option.
‘The problem comes when people want to retire, but end up stuck at work because they cannot afford to leave. With half the workforce not saving into a pension, this is going to become a painful reality for millions,’ he warned.