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Employees resigned to working beyond 65

By Vicky Shaw

Published 13/04/2016

Canada Life Group Insurance found that overall, two-thirds (67%) of UK employees now expect to work beyond the traditional retirement age of 65.
Canada Life Group Insurance found that overall, two-thirds (67%) of UK employees now expect to work beyond the traditional retirement age of 65.

Nearly one in four workers expect to work past the age of 65 because more than seven years of rock bottom interest rates have affected their plans, according to a survey.

Some 23% of workers, equating to 7.2 million people if the figures were projected across the UK, said their retirement plans have been affected by the Bank of England base rate being held at a record low 0.5%.

Canada Life Group Insurance found that overall, two-thirds (67%) of UK employees now expect to work beyond the traditional retirement age of 65.

Younger workers are particularly likely to expect to work beyond 65, with 85% of those aged 21 to 30 believing they will do so.

This contrasts with those soon to retire, with just 58% of 61 to 65-year-olds saying they are likely to work beyond the traditional retirement age.

According to analysis from Hargreaves Lansdown, very low interest rates mean people with cash savings have lost out on about £160bn in interest compared with the rates they were receiving in 2008.

Belfast Telegraph

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