Over 900,000 over 65s still working

Following the Department of Work and Pensions' announcement of an early review into the default retirement age, fresh analysis from LV= highlights how those already reaching pension age are responding to mounting financial pressures and the impact of recession.

Mike Rogers, LV= Group Chief Executive said: "The decision to bring forward the review of the default retirement age by a year is a positive move by the Government. Already, our research highlights that more than 900,000 over-65s are still working, with a third of these working full time. Nearly half of people in this position (43%) say they have no idea when they will be able to retire.

"In addition, more than one in five of those within five years of retirement (22%) say they will retire later than they had planned before this recession hit them.

"This trend towards later retirement reflects a range of economic pressures which are only amplified by the effects of this recession, as well as broader health and lifestyle factors which see many older workers keen and able to maintain an active role in the workplace beyond the traditional age 65. Financial services providers must respond to this trend by creating and explaining a more flexible range of products to support people entering and moving through retirement."

For details of LV= range of flexible retirement solutions, from SIPPs and enhanced annuities to equity release visit lv.com