Letter to the Editor  

Why are pensioners having to return to the workforce?

Simoney Kyriakou

Simoney Kyriakou

FT Adviser's latest letter to the Editor referenced a story published on Monday 18 December, headlined: 'Back to work for people aged 65'.

The story discussed the latest government statistics on employment after 65, which showed a 20 per cent increase in the number of full-time and part-time self-employed workers aged 65-plus over just three months.

This takes the population of older people in the workforce from nearly 435,000 to more than 523,000.

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The data also showed the number of over-65s working as employees or self-employed is at a record high of 1.47mn, with the self-employed accounting for around 35 per cent of the total number of those working at 65 and over.

The number of over-65s in the workplace previously peaked in the first quarter of 2020 at just over 1.4mn.

In response, a reader wrote that changes to pensions age mean more women are having to work later on in life: 

"Dear Simoney 

"From history, husbands were much older than their wives.

"Since 2020, the 1960s-born ladies have been turning age 60 and have pension age 67 (2007 Pension Act, passed by Labour). These women number approximately 3mn.

"The 1970s-born cannot cash in their workplace pension before age 55 now, when before this could be done from age 50 (lost from 2010, from 2004 Finance Bill, passed by Labour)."

Christine Williams