More Britons Working After 70

Recent figures released from the Office for National Statistics (ONS) show that one in eight women and one in ten men are now working beyond the age of 70. Many of these older people are forced to continue working due to having accumulated insufficient pension savings.

According to the ONS's "Pension Trends' report, only one in three private sector workers has a company pension of which the average pension pot is only Ł1,400 a year.

The CEO of the National Association of Pension Funds Joanne Segars said in an interview with the Daily Mail: "Unfortunately too many people reach retirement age only to find their savings and pension are not enough, and so they have to keep working for years longer than they imagined."

Ms Segars added that the UK had a poor record for pensions savings and that if things do not change, the situation can only deteriorate.

Mike Morrison, head of pensions development at AXA Wealth said that the figures confirmed the general belief that people were putting off retirement until after their official pension age.

Mr Morrison advised that people should have a "healthy risk appetite" when they begin to save so that as they approach retirement they can remove some of the risk.

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