The Pensions Advisory Service (TPAS) have just put out some statistics about the number of pensioners who hit retirement age, don’t take their pension annuity, and choose to carry on working.
Figures produced by the Office of National Statistics (ONS) show that there are now 1.3 million people who’ve reached state pension age, but are continuing to work because they can’t afford to retire. Not only that, but the people in this group are the fastest-growing age group in the UK workforce and, over the last three months they’ve accounted for a staggering 46% of the UK’s entire rise in employment (of 76,000 people).
Now, getting old and working on isn’t necessarily a bad thing, but what would be nice would be if people did so out of choice. The implication here is that the people ‘choosing’ to work on have little choice in the matter.
