Over 50s retirement plans 'vulnerable' to effects of recession

Leading older people's charities have expressed their concerns that a lack of over 50s finance options could jeopardise the retirement plans of many of the UK's older population.

A new report by Age Concern and Help the Aged has revealed that fear of the effects of recession is prompting 60 per cent of over 50s to work longer than they had originally intended, due to uncertainty over redundancy and the insufficiency of current pension schemes.

In response to these figures, Age Concern has called for government action including the abolition of the default retirement age, support for unemployed over 50s and incentives for businesses to take on older workers.

Michelle Mitchell, charity director for Age Concern and Help the Aged, said: "For many over 50s, one of the lasting legacies of this recession will be a retirement blighted by poverty."

Last week, Standard Life called for greater flexibility in pension provision amid concerns that current schemes are alienating over 50s savers.

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