Number of women retiring after 70 more than doubles

Pensions, mature lady

 

The number of women retiring after turning 70 has more than doubled in the last five years, according to analysis of figures from the Office for National Statistics.

The number of women retiring after 70 increased from 5.6 per cent in 2012 to 11.3 per cent in 2016.

Much of the increase is down to the abolition of compulsory retirement in 2011, but experts say part of the reason is that many women are forced to work longer because they haven’t paid enough National Insurance contributions due to gaps in working because of childcare or caring for older relatives.  Women’s pension plans have also been affected by the planned equalisation of the state pension age for men and women to 65 by November 2018.

The figures also show that 15.5% of men are still working at the age of 70, a rise of 10% on 2012 statistics.

Nathan Long, senior pension analyst at FTSE 100 investment firm Hargreaves Lansdown, who analysed the data, said: This jump in those leaving work over 70 may simply be through individual choice; workers should be encouraged to work as late in life as they are able and feel is desirable.

However it is also a reflection of the increasing strain on the pension system. The best days of well-funded early retirement are behind us. The risk to employers is of a workforce trapped in jobs they don’t want to do, which will inevitably impact on productivity.”



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