Press release

Retire? No thanks – We’ll carry on working

  • Staggered retirement is becoming popular among pensioners who want to preserve their pension fund into later life
  • More than a third (35%) of these people not drawing their pension rely on their partner’s income

Research from LV= reveals how many pensioners are opting for a staggered retirement and working part-time before giving up work completely to make sure their pensions last the rest of their lives.

The LV= survey of more than 1,000 adults aged over 50 with defined contributions found:

  • Nearly one on three (32%) pensioners in their 60s and 16% of over-70s have left their pensions untouched
  • Of those who haven’t accessed their pension pot, nearly half (48%) of those in their 60s, and 24% over 70s, say it is because they are still working.

With people living longer, and the added prospect of health care costs in later life, retirees increasingly understand the benefits of having a larger pension pot in later life. Of those who haven’t accessed their pension pot, half (51%) say it is because they are still working while more than a quarter (25%) of people in their 60s say it is because they want their pensions to last as long as possible.

Of course, retirees who haven’t accessed their pension pot must have alternative sources of income. When asked about their income. Nearly half (47%) said they take an income from cash savings (47%), others rely on their spouse/partner’s income (35%) or State Pension (22%) while 12% rely on income from property investments (12%).

Clive Bolton, Managing Director of Savings and Retirement at LV=, said:

“It is encouraging to see that people are working longer as the barriers to working past retirement age fall away. This trend for staggered retirements is good news because continuing to work offers many financial and health benefits. It is often taken for granted but continued good health is one of the best financial assets people can have. The benefits of working – such as remaining physically active and continued social interaction – can make a big difference to people’s mental wellbeing and overall health in retirement.

“People are making sensible choices about retirement to ensure that they do not run out of money, but it’s also really important that they also make their pension savings work for them past retirement age so they don’t miss out on the ability to generate growth above inflation for when they are ready to start to draw their pension.

“There are lots of product and fund choices available to help achieve this and it’s a good idea to seek help from a financial adviser so that people can enjoy the retirement they want.”

For more information please contact:

David Gwyer
Media Relations Manager – Life & Pensions
07798 796907
Candice South
Press Officer - Life & Pensions
07867 141547

About LV=

LV= is a leading financial mutual and serves over 1.3 million members with a range of financial products. When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. 

LV= and Liverpool Victoria are trademarks of Liverpool Victoria Financial Services Limited (LVFS) and trading styles of the LV= Group of Companies. LVFS, registered in England with registration number 12383237, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, Registered number 110035. Registered address: County Gates, Bournemouth BH1 2NF.