Average retirement ages rose by almost one year between 2004 and 2010 according to research published by the Office for National Statistics (ONS).
The updated chapter four of its Pension Trends Survey revealed the average age for leaving the labour market, a proxy for average retirement age, rose from 63.8 years to 64.6 years for men and from 61.2 years to 62.3 years for women.
It found that the peak ages for leaving the labour market clustered around the current state pension ages (SPA), which are 64-66 for men and 59-62 for women.
The latest data in chapter two of the survey suggested the proportion of the population of working age will continue to shrink in the coming decades.
There were 3.2 people of working age for every person over the SPA in 2010, and the organization projected this ratio will drop to 2:1 by 2051 if the retirement age remained unchanged.
Factoring in increases to the SPA planned under current legislation the ONS projected the ratio would in fact fall to 2.9 by this date.
The updated chapter three reveals the legislation, which will increase the SPA for women from 60 to 65 by 2020, will result in a slight fall in life expectancy at SPA for women.
The cohort life expectancy projections reveal that women hitting the SPA in 2051 can expect to live just over 25 more years, down from 28 years for women retiring at 60 in 2011, while men reaching the SPA in 2051 can expect a further 23 years.
‘Promising lead’ or ‘Back to the lab’?
Have economic cycles fundamentally changed?
Our weekly heads-up for advisers
Two global vehicles
'Further plug advice gap'