UK: Aviva comments on DWP's report on attitudes to working in later life

The Department for work and pensions has published a new report on attitudes to working in later life

Commenting on the report, Alistair McQueen, Savings & Retirement manager at Aviva said:

“Countering common perception, it’s positive to note that pensions continue to be the popular way of saving for retirement – with 63% of those not already retired agreeing that putting money into a pension is the most secure way of saving for your retirement.

“This is despite the fact that one-in-five don’t really know what a pension is – with 21% stating they know little or nothing about pensions.

“Pensions have a positive foundation amongst the public, but much more must be done to boost understanding. At Aviva, we believe technology can play a big part in this. Over 300,000 savers have recently used our new “Shape your future” online tool, to help plan their retirement.

“We are also advocates of rules of thumb. “Five a day” has encouraged healthy eating. A similar approach could work for healthy retiring.

“We also note that 17% of employees expect to retire in their 70s. 17% of the working age population covers those aged 18 to 25. It is probably a fair assumption for those aged up to 25 to be planning for a retirement age of at least 70. There are already one million people over the age of 65 still in employment in the UK.

“In 2017, the government will publish an independent review of the state pension. This will give a good indication of where our retirement age is heading. Longer working lives are to be encouraged as we live longer, but they also need to be supported with training and career flexibilities.”

ENDS

If you are a journalist and would like further information, please contact:  

Aviva Press Office: Fiona Whytock: 07800 692 299 or fiona.whytock@aviva.co.uk

Aviva’s retirement spokesperson, Alistair McQueen, is available for comment/interview                                                                          

Notes to editors:

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