Pensions  

Number of over-50s in work increasing since 2011

Number of over-50s in work increasing since 2011

The over-50s are now making their biggest contribution to the UK workforce following the scrapping of the default retirement age, official figures have shown.

Figures from the Office for National Statistics showed that 302 in every 1,000 adults employed during Q1 and Q2 2015 were aged 50 or more.

This was compared to just 213 adults in every 1,000 employed in early 1992, an increase of 42 per cent.

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Since the default retirement age was removed in 2011 employment among the over-65s has also grown significantly, up by 33 per cent from Q3 2011 – the final quarter before the DRA ended – to Q2 2015.

Clive Bolton, managing director for retirement solutions at Aviva UK Life, said: “Financial factors are clearly fundamental to changing patterns of work.

“It is no coincidence that the uptake in jobs has coincided with improving fortunes for the over-55s.

“People are living for longer and their savings need to last the distance, so opportunities to earn in later life can help to fund a more comfortable retirement.”

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Tim Rodgers, a chartered financial planner with Leicestershire-based TM Asset Management, said: “Our clients who are in the middle order are flexibly winding down if they are flexibly accessing their benefits.

“They do not just stop working on a Friday afternoon. They are reducing their hours to keep themselves active.”