26 May 2009
According to a report by the Help the Aged and Age Concern
charity around two-thirds of over-50s fear they may have to work
longer than originally planned. The report found that 60% of
respondents said they might need to delay their retirement as their
savings and pension rights have been hit by the "credit
crunch".
Savers have suffered due to a spate of recent interest rates
cuts by the Bank of England to help lift the economy. Pension
savings have been knocked by stock market declines. The study found
that 47% of respondents were more concerned about their pensions
and savings than at the start of 2009. Another significant group
affected are the increasing number of individuals, again aged over
50, who have been made redundant since the start of the recession.
The report highlighted figures from the Office for National
Statistics which show last year unemployment among people aged 50
or above had risen by 47%.
However today AON's Defined Contribution (DC) Pension Tracker
has revealed that British assets in DC schemes have risen by over
10% in the last month. The increase is due to April being one of
the best stock markets months on record brining hope that pension
funds may be on the road to recovery to pre-credit crunch levels.
The full press release from AON can be read here:
AON Media Room
