Millions work past retirement, says Prudential

05 October 2005
The number of people working past retirement age could double in the nexts few years as Brits work longer to save for pensions, according to a survey by Prudential.

The report also revealed that people in the UK are leaving it later than ever to start saving for retirement, with over 40 per cent of people failing to start a pension until they reach their 40s.

Prudential UK business development director, Andy Curran, said: "Our research suggests that many people approaching the end of their working lives left it too late before they started saving seriously for their retirement, with many feeling they just can’t afford to save."

According to Prudential over a million people are working beyond the state pension age of 60.

Prudential says that figures could rise to over 2.5 million if people don't start saving.

The survey revealed that almost a third of people aged between 55 and 64 who are working full-time and almost 40 per cent of those working part-time do not think that they will retire at the age they can receive their state pension.

A further 118,000 people aged between 55 and 64 years of age do not know if they will retire at the state pension age.

A recent report by consumer group Which? and the Financial Serivces Authority (FSA) found that wokers who opted out of the second tier pensions scheme had lost money.

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