Malcolm McLean comments on the latest ONS statistics
Commenting on the latest ONS statistics released today which reveal that the number of people in the UK working beyond state pension age has almost doubled over the last 20 years, Malcolm McLean
, consultant at Barnett Waddingham, said:
“No-one should be surprised that the numbers working past state pension age (SPA) are increasing.
“A combination of generally better health, greater life expectancy and the right to carry on in their jobs following the scrapping of the default retirement age will almost certainly mean that this trend will continue. There is also the fact that many people are now approaching retirement with much reduced pension provision and will want to take the opportunity to secure extra income from earnings and/or by building up a better pension from those extra years of work.
“It is interesting to note that taxi drivers are one of the jobs that typically work on past SPA. I was told recently whilst travelling in a cab by a driver who acknowledged that he was in his late seventies that he had no pension and intended to work on as long as he was able. He said there was no good in him starting a pension at his age, what was the point as he “could drop dead at any minute!” Not exactly what you want to hear from the driver of your car but I admire his spirit and commend him for looking to support himself to the best of his ability at an older age.”
For more information please contact Malcolm McLean
or Steph Gold