The National Association of Pension Funds (NAPF) commented on ONS figures published today (Wed), showing that working past the state pension age has nearly doubled over the past 20 years.
NAPF Policy Director Darren Philp said:
“Our rapidly changing demographic is hitting home. Having more older people in the workforce will increasingly become the norm. Many are choosing to ease into their retirement for social and financial reasons, and part-time work is a popular option. Employers also value the skills and experience of older staff.
“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. It is vital that we get more people planning and saving for their old age, and that they start as early as possible.”
Notes to editors:
1. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]