NEWS:

Responding to the latest Aviva Working Lives report, David Sinclair, Director, International Longevity Centre – UK (ILC-UK), said:

Ten years on from final Pension Commission report, we see more people saving due to the success of auto-enrolment. Now is the time to build on this success.

Almost half of those working later than they hoped, are doing so because they haven’t saved enough. Whilst we have more people saving, the levels are woefully inadequate, particularly given we are living longer. Investment returns remain relatively low so even those who are saving aren’t getting the return they hoped for.

With the Cridland review exploring further increases to state pension age, future pensioners should be prepared to need to work longer. But this isn’t necessarily a bad thing. As the research points out, for many older people, working longer provides a “feelgood factor”.

Government and employers must find ways of ensuring that older people aren’t forced out of the workforce prematurely. The benefit of extending working lives goes beyond the benefit to individuals. UK plc faces a significant economic hit if we don’t better adapt workplaces to cope with demographic change.

On 10th June, ILC-UK are organising their second Retirement Income Summit.

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