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Brits 'accepting they will have to work for longer'

Brits 'accepting they will have to work for longer'

More people are now coming to terms with the fact they will have to remain in employment until a later age, it has been noted.

Trevor Matthews, chief executive of Friends Provident Holdings, said it is important for people to plan their retirement while there are opportunities to do so, rather than waiting until their mid 60s when they may be faced with the prospect of working into their 70s.

His comments come after the Visions of Britain 2020: Ageing and Retirement report found the average employed person expects to start collecting their pension by the time they are 67.

This contrasts with the age people said they would like to finish their job, with the average response being marked at 62.3.

Last week, pensions expert Dr Ros Altmann said a new government scheme may lead to older staff being worse off in retirement, as the plans could result in the contributions currently made by their employers being reduced.

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