NotDesking and Not Quitting

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Recent research from Aegon has found that almost two thirds of employees plan to carry on working if they cannot afford to retire at their target retirement age. Over a quarter expect their employer to accommodate this through flexible working. This is supported by results from the Office of National Statistics, which found that 93% of Britons had fallen behind on their retirement savings.

The Aegon survey of 4,000 workers found just a third (36%) were confident about hitting their target, 25% were concerned about retiring later than initially planned while 39% were neither confident nor concerned. Workers in healthcare (40%) administrative (31%) and engineering and manufacturing sectors (32%) were most likely to expect their employer to create a flexible role for them. Those in the creative arts and design sector (32%) were more inclined to become self-employed and start up their own business.

Aegon UK workplace pensions managing director Angela Seymour Jackson said: “Workers across the UK are waking up to the reality that they will likely have to work well past their planned retirement age to make up for shortfalls in their savings.

“With so many expecting to work on past traditional retirement age on more flexible contracts, employers will need to move quickly to accommodate this new later-life work culture. Creating a flexible and inclusive workplace strategy won’t only benefit those working longer to hit their savings targets but, according to recent research, will also prove good for business, adding £100bn to UK productivity.”

Employers and pension providers needed to engage workers with pension savings to ensure they are able to make a choice about flexible retirement.

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