One in ten employees has no hope of retiring

Small businesses may wish to provide employees with pension advice after hearing that one in ten UK workers do not ever see themselves retiring.

According to a survey by Barings Asset Management, ten per cent of employees think they will have to work well into old age to make ends meet.

More than four in ten said they do see retirement on the horizon, but have no idea when they will end up leaving the workplace.

Some two million people in the UK expect to continue working beyond the age of 65, while almost 100,000 think they will still be in employment at 76.

Increased longevity, rising living costs and falling savings levels are all responsible, said Mario Valensise, chief investment officer at Barings.

"For those approaching retirement, it is a difficult backdrop, with economic uncertainty still rumbling across all markets," he added.

With this in mind, it is not just pensions advice that small businesses will need to think about.

As the default retirement age is due to be scrapped, firms could see many more workers staying on post-65 and changes may need to be made to accommodate them.
 

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