Prudential Research Finds Most New Pensioners Considering Working Beyond RetirementBy Prudential, PRNE
Tuesday, March 1, 2011
LONDON, March 2, 2011 - According to figures from the latest Prudential Class of 2011 research,
62% of those who had planned to retire in 2011 would consider postponing
their pension and continuing to work in order to boost their retirement
Of those considering putting off their retirement (www.pru.co.uk/)
, 46% said they will definitely have to continue to work in order to
supplement their pensions (
www.pru.co.uk/pensions_annuities/prudential_pensions/) or build up
their savings further.
Prudential's Class of 2011 study surveyed people intending to retire
during the forthcoming year. The findings highlight the growing trend for
part-retirement in the UK as pensioners face up to the reality of funding a
far longer period of retirement.
Of those initially intending to retire in 2011 but now planning to
continue working, 53% said they would like to stay with their current
employer - either working part-time or fulltime - while 11% plan to seek
part-time work with a new employer.
The survey results also show that 32% of those due to retire in 2011
would consider working for up to another two years if it guaranteed them
greater retirement income.
22% reported they would work for another two to five years, while 8%
would be prepared to work for five to 10 years to boost their retirement pot.
Vince Smith-Hughes of Prudential said: "The only realistic option for
people who want to avoid having to continue to work beyond the traditional
retirement age, is to save more and to start saving earlier. Seeking advice
from a financial adviser should be a prerequisite to ensuring you achieve the
level of pension income you want and need.
"Since 2007 studies by Prudential have identified part-retirement as a
growing trend - a trend that looks set to continue in 2011. This year will
see the phasing out of the default retirement age, making it easier for those
wishing to stay on at work. Additional retirement income is also becoming
more important as the security of a defined benefit pension scheme disappears
for many people.
Prudential's research also showed that 19% of those planning to retire
this year are not willing to work any longer, even if that decision means
they will struggle financially in years to come. Only 12% of the Class of
2011 reported that they have ruled out working beyond their planned
retirement because they feel that they have already saved enough for a
The number of new pensioners considering working beyond their planned
retirement age in 2011 (62%) has increased since last year when 57% of those
questioned said that they would consider continuing to work in return for a
higher retirement income.
Notes to editors
The information contained in Prudential UK's press releases is intended
solely for journalists and should not be used by consumers to make financial
decisions. Full consumer product information can be found at on the
Survey conducted by Research Plus between 6 and 14 December 2010 among
10,143 UK non-retired adults aged 45+ including 1,005 planning to retire in
2011 using an online methodology.
"Prudential" is a trading name of The Prudential Assurance Company
Limited, which is registered in England and Wales. This name is also used by
other companies within the Prudential Group, which between them provide a
range of financial products including annuities (
www.pru.co.uk/pensions_annuities/our_annuities/), life assurance, bond
funds, a tax calculator and retirement plans.
Prudential offers customers pensions and annuities, pensions retirement
income, insurance and investment (www.pru.co.uk/investments/)
Media enquiries Ben Davies 3 Sheldon Square London W2 6PR +44(0)20-7150-3017
Media enquiries: Ben Davies, 3 Sheldon Square, London, W2 6PR, +44(0)20-7150-3017
Tags: London, March 2, Prudential, United Kingdom