Thursday, February 16, 2012

United Kingdom: Average Retirement Age Rising

The United Kingdom Office for National Statistics has issued a new Pension Trends report showing that the average age at which people leave the labor market--a proxy for average age of retirement--rose from 63.8 years to 64.6 years for men and from 61.2 years to 62.3 years for women between 2004 and 2010.

The report also found that a larger proportion of men than of women take early retirement: 8.2% of women in the 55 to State Pension Age group were classified as retired in April-June 2011, compared with 20.4% of men aged 60 to State Pension Age. In addition, while the majority of people below State Pension Age who are in employment do full-time work, the transition to retirement involves a move to part-time employment: In April-June 2011, 7.3% of men of State Pension Age and over worked part time, while 4.6% worked full time; 8.9% of women of State Pension Age and over worked part time, while 3.6% worked full time.

Sources: Office for National Statistics Pension Trends: Chapter 4 "The labour market and retirement" (February 16, 2012); TAEN News Release (February 16, 2012)

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