Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Equality, diversity and inclusionRetirement

Retirement to be delayed by up to nine years for one in three staff

by John Charlton 24 Sep 2009
by John Charlton 24 Sep 2009

Almost three out of 10 UK workers said they will have to work beyond their planned retirement ages – in some cases for up to nine more years.

They have had to rethink their retirement following heavy falls in defined contribution (DC) pension fund assets during the current downturn, according to research by insurance company Aon. It said that since the slump began in September 2007, the combined value of the UK’s DC savings had fallen 12%.

Aon’s recent e-mail survey of 4,026 UK employees found that just over 30% of respondents said they would definitely delay their retirement, while 38% of female respondents and 24.55% of males said they weren’t sure. Almost 45% of males, and 31.4% of females, polled said the economic downturn will not delay their retirement.

When asked how much longer they anticipated having to work, one in five of those who said they would have to delay their retirement said an extra six to nine years. And 39.03% of men and 37.57% of women said they would work an extra three to six years.

Commenting, Aon Consulting senior consultant Richard Strachan said: “There has to be a shift in the thinking that we have to retire at a certain preconceived age.”

He added: “As pension savings become more of a hot topic, employers need to ensure, as part of both their ongoing duty of care and an ever-increasing focus on [pension] plan governance, that they highlight to members how their plans are performing, and why and where they can access up-to-date information.”

Respondents aged 34 to 44 were the most likely to believe they would have to work longer than planned to accrue enough pension income to retire. Some 32.19% of that age group said they would have to work longer than planned, compared to 31.71% of the 18 to 42, and 24.46 of the 18 to 42 and 55 to 64 age groups respectively.

More than 67% of the 35 to 44 age group said they expected to work an extra three to nine years longer than they had planned.

Aon said delayed retirement will have ramifications for employers – they will have to pay pension contributions for a longer period and higher premiums for certain benefits, such as life assurance and health cover.

Avatar
John Charlton

previous post
Workers ready to quit when recession lifts
next post
Retirement age not unlawful – Heyday decision announced

You may also like

Browne Jacobson takes home 2023 Equality, Diversity and...

21 Nov 2023

Entain and McLaren F1 are favourites in the...

21 Nov 2023

Two-thirds say periods have negative impact on work

20 Nov 2023

Working class employees earn £6k less a year

17 Nov 2023

Why employers need to rethink retention

10 Nov 2023

‘Odey case shows sexual misconduct goes unchecked in...

2 Nov 2023

Regional bias in women’s pay levels revealed

2 Nov 2023

Women’s earnings growing faster, but gender pay gap...

1 Nov 2023

Three in five young people feel connections are...

30 Oct 2023

Proposed halt on EDI recruitment prompts concerns from...

25 Oct 2023

  • Global growth with simple HR compliance (webinar) WEBINAR | In an increasingly global marketplace...Read more
  • Talent acquisition: How AI can complement a ‘back to basics’ approach PROMOTED | Artificial intelligence is now...Read more
  • What will it mean to be an HR professional in 2024? (webinar) WEBINAR | As we approach 2024...Read more
  • HR Budget Planning for 2024: Preparing your People Strategy PROMOTED | As organisations continue to adapt...Read more
  • Almost a fifth of UK workers feel undervalued – we need to solve this PROMOTED | A new report has found...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2023

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2023 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+