News

14/07/2011 15:42:45

TUC: 'Poor pension provision means increase in over-65s working'

A report by the Trades Union Congress (TUC) has highlighted the need for financial planning for retirement as it shows a significant increase in the number of older people being forced to continue working.

The figures reveal that the number of people over 64 who are still in work has risen from 5.5 per cent in April 1992 to nine per cent in December 2010.

Brendan Barber, TUC general secretary, said: "Low wages and poor pension provision, particularly in the private sector, mean that many people simply cannot afford to retire at 65."

Mr Barber blamed lack of pensions advice from employers, who he said have forced people into "pensioner poverty", resulting in a "huge cost burden on the state".

A recent report has shown that the bill for public sector pensions has reached £1.1 trillion.

The same report has concluded that either more tax increases or spending cuts will be needed to help pay for an increasingly ageing population.