Pensions  

Pensioners could work longer but awareness low

Pensioners could work longer but awareness low

More than half of those due to retire in 2015 would consider working beyond the state pension age to improve their finances but awareness of the pension changes is low, research has found.

Research for Prudential among 7,687 UK adults aged 45 or older, including 1,012 intending to retire in 2015, found 51 per cent of those facing retirement this year could work beyond state pension age to boost their finances.

The research found 43 per cent were committed to doing more physical activity, 30 per cent said they would eat more healthily, 10 per cent wanted to reduce alcohol consumption and five per cent intended to quit smoking.

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However, similar research conducted among 2,194 adults in January for Octopus Investments found that just 29 per cent of respondents aged 55 or above were aware they could use the pension flexibilities from April 2015. Only 25 per cent from this age group knew they were entitled to free guidance.

Adviser view

Gordon Bowden, director of Buckinghamshire-based Quainton Hills Financial Planning, said: “People as they approach retirement are quite happy to continue working normally - not always because they need the money but they want to stay active.”

Key facts

30 per cent of those planning to retire this year said they would enrol in a course or take up formal education

29 per cent planned to take on voluntary work