Old Mutual Wealth retirement expert Jon Greer said the government's new 'Fuller Working Lives' initiative was not enough to combat pension dependency, as he called for a more flexible State Pension system.
The Department for Work and Pensions (DWP) published its ‘Fuller Working Lives' initiative on 2 February, encouraging people to work for longer and retrain if necessary. It highlighted the need for businesses to ‘retain, retrain and recruit' older workers. The DWP white paper estimated people aged 50 and over will make up more than half of the UK adult population by the mid-2030s. Delaying retirement until 65 could increase an average worker's pension pot by up to 55%, giving them £280,000 of extra income, it said. It also argued there were social and health benefits in working longer...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
