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The age of uncertainty: Work, pensions and retirement

by on September 12, 2014

A number of items in our alerts this week share a common theme, that of uncertainty for older workers. This revolves around a number of inter-related issues: work (is there work available for them?), pensions (what state pension they may receive?) and retirement (can they afford to retire, do they want to?).

This item on the Daily Mail This Is Money website reports that those approaching retirement don’t currently know what individual state pension they are due under the new ‘single tier’ system. The DWP has said that they should soon get an accurate statement of their state pension income. This will help them determine whether they can expect the full amount when they reach state pension age or whether they need to act to top up their contributions.

At the same time, the BBC News reports ONS statistics showing the number of people working for themselves after 65 had doubled in five years. The growth is mostly through fewer people leaving self-employment because of the difficulty in finding a job with a company. The net effect is that people are staying on in work beyond the retirement age.
And The Telegraph reports here that one in three Britons working past pension age do not know when they will finally be able to retire, this apparently representing a sharp rise in the number of older British workers unable to contemplate retirement in the last year.
Is this uncertainty going to be the ‘new normal’?
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