Majority of workers to keep going beyond 65

A majority of UK employees expect to keep working beyond the age of 65, a new poll shows. More than half of the 2,000 members of defined contribution schemes, interviewed in a nationwide survey conducted by YouGov, Aon Hewitt and Cass Business School, expected to work past age 65.Almost one in 10 claimed they will work into their 70s, while one in 50 said they will never retire.Most workers also expect to draw a pension of less than half their salary, against the old expectation of two-thirds. The greatest number of people – nearly half - believed their pension pot will be between 21 and 50 per cent of their salary. {desktop}{/desktop}{mobile}{/mobile} The report's co-author, professor Andrew Clare of Cass Business School, said: "Members of employer sponsored DC schemes have grasped the harsh realities of the 21st century pensions world."A greater number of people now expect to work beyond 65 than those who say they will retire before this age."Britons have waved goodbye to the 'golden generation' of early retirees with many considering working beyond 65 as the new norm."Kevin Wesbroom, senior partner at Aon Hewitt, said: "There is a new found realism among employees in terms of the level of pension they can expect. For private sector DC members, the old expectation of two-thirds of pre-retirement income is now consigned to history."The poll indicates a third of people expect to make a phased transition by gradually reducing their working hours.Mr Wesbroom questioned whether employers are prepared for the knock-on effect of older people delaying their retirement, saying: "The expectation of later retirement among workers offers significant challenges and opportunities for employers. Employees are waking up to the new realities of work – but are their employers?"

Majority of workers to keep going beyond 65 - report

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