Brits Keen To Work On Rather Than Retire

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British workers plan to phase in their retirement by spending part of their time working beyond their normal pension age.

Research has revealed that British workers are the most likely in Europe to keep busy with a job after their retirement day.

Three out of four of today’s workers have no plans to stop working on their retirement day compared to half who have already retired who say they stopped work and did not go on their retirement day.

The study, by pension provider Aegon, also showed that Britain’s flexible access pensions and relaxed employment rules help older workers stay in their jobs after retirement.

Stopping work on a milestone date, like a 65th birthday, is no longer the norm in Britain, says Aegon.

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Economically active

In the European Union, more workers in Spain (54%) and France (52%) are likely to consider this option.

In Britain, the study shows many workers like to remain economically active for as long as they can, with 61% seeing a part-time post as transition into full retirement.

The research also highlighted men (32%) are more likely to consider working on than women (23%).

They say keeping mentally alert (62%) and physically active (39%) are the main reasons to keep on working.

But 33% explained they had to work to top up their pensions and savings, while 30% were concerned that they might run out of cash too soon.

More flexibility in Britain

Steven Cameron, pensions director at Aegon, said: “The UK seems to be leading the charge here compared to other countries with less than half as many planning a sudden stop compared to those in France and Spain.

“Many people are choosing to keep working and earning, perhaps by cutting back their hours gradually, even once they’ve started taking their pension. The UK government’s introduction of pension freedoms and banning employers from having a fixed retirement age has made it easier for more people in the UK to choose to work past traditional retirement ages.”

In a separate recent survey, the company found that one in four people consider they will still working at 70.

The study covered 14,400 workers and 1,600 retirees in 15 countries in the Americas, Europe, Asia and Australia.

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