Extended working lives to become the norm

A Pensions Policy Institute report concluded the vast majority of over 50s would only meet a minimum standard of living if they retired at 65. However, it said for many people an income in retirement at this level - about £11,000 - was unlikely to be considered adequate. The research, The implications for retirement income of government policies to extend working lives, was sponsored by a consortium of Age UK, the Institute and Faculty of Actuaries, Aviva and Partnership. IFoA president Jane Curtis said: "It is clear that improving financial literacy in the UK would have a signific...