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Workers forced to delay retirement to grow pension pots

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13/11/2012
More and more workers are delaying going into retirement just so that they can grow their pension pots as many can't afford to stop working.

According to the British Pension Survey, an online survey currently “taking a snapshot of UK pensions”, the next generation of retirees is to hold off from retiring in order to build up their pension pots.

Michael Smith, from the British Pension survey, said: “Whilst the British Pension Survey has not yet concluded, there are already clear signs that working past the age of 65 is the number one step that most over 50s would consider to ensure that they are financially provided for in retirement.”

“This is evidence that many feel that they are simply unable to afford to retire because they have not saved enough in their pension pots. We must address this situation sooner rather than later by reviving the UK’s savings culture.”

This follows research from the National Association of Pension Funds (NAPF) that 48% of pensioners will be forced to continue working as they have no other choice but to work.

Smith added: “We’re urging anyone who is nearing retirement, or who is already retired, to fill in this online questionnaire [the British Pensions Survey] as the more who do, the more accurate the data will be, meaning that society will have a more detailed snapshot of Britons’ retirement incomes.

“The information gathered will become an invaluable resource in finding a solution to the ongoing, and growing, pensions crisis that is engulfing the UK.”

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