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Newsletter

Brits avoid taking their pension and stay at work to remain active

By Tom Farley, Wed 31 Aug 2011 - Published in Pensions

Pension planning Brits choose to retire later out of a desire to remain active, according to Hargreaves Lansdown.

The company noted that for many people, they will carry on working later into their life because they want to make sure they have enough savings for their twilight years.

However, the organisation noted that for some, staying on as a member of staff allows them to inter-communicate with others and remain active.

Danny Cox, head of advice at Hargreaves Lansdown, added: "There is an affordability issue on the one side. On the other side, I think generally speaking people want to be a bit more active in their retirement than perhaps they were before."

His comments come after research by Baring Asset Management revealed that the number of Brits planning to retire between 66 and 70 years old has doubled to one in ten in the last 12 months.

On top of this, the report highlighted that 3.5 million working adults have no plans to come out of employment and take their pension in the future.