Peter Lazenby
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MORE than 700,000 retired people could be forced to resume working because they cannot survive on their pensions, according to a survey published today.
The research, by the My Pension Expert consultancy, reveals that plans for a relaxed and enjoyable retirement have been wrecked for many of the UK’s 12.2 million pensioners.
Britain’s biggest pensioner campaign group the National Pensioners’ Convention (NPC) said their plight “shamed a succession of governments.”
The study found 12 per cent said soaring inflation had “upended” their retirement plans, 34 per cent were worried that they would no longer be able to live as they wanted in retirement and 6 per cent (733,000 people) said they were likely to return to work.
Consultancy chairman Andrew Megson said: “As the cost-of-living crisis bites harder, we’re seeing a worrying spike in ‘unretirement.’
“It’s a hugely important issue — after working and saving for decades, having to re-enter the workforce will be a bitter blow to many retirees.”
NPC secretary Jan Shortt said the state pension had fallen in value “over decades.”
“Even before this crisis, it was becoming increasingly difficult to continue to do the things you love,” she said.
“For those who want to continue working beyond retirement, fine, but for other older people to have to even think about returning to a working environment should be to the eternal shame of a succession of governments ignoring the inadequacy of the state pension.
“The ‘work till you drop’ ethos is unacceptable and we need an open debate on what a decent state pension should be for today’s and tomorrow’s pensioners.”
