Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • December 2012
12

More over-55s are working past retirement age, says Aviva

Open-access content Thursday 13th December 2012 — updated 5.13pm, Wednesday 29th April 2020

The proportion of over-55s working past the traditional retirement age is increasing and older people are increasingly dipping into their savings to maintain their standard of living, according to research published yesterday by Aviva.

The insurer's latest Real retirement report found that 23% of 65-74 year-olds cited wages as an income source, compared to 18% in early 2010. Just under a third (30%) of over-50s said they would continue to work part-time when they retire.

Aviva also found that the average monthly income for over-55s has increased by just £109 - from £1,335 to £1,444 - over the past two years, with the bulk of this increase coming from those aged 65-74, who have seen their income rise by £166 from £1,318 to £1,484.

According to the firm, this income boost for those over the traditional retirement age - 'the retiring population' - has been driven by more people working past the Default Retirement Age, which was phased out in 2011.

Clive Bolton, managing director of Aviva's At Retirement business, said: 'Whether it's through choice or necessity, the fact that people are working for longer shows how vital it is to work hard to achieve financial stability, so you can enjoy your retirement without the constant worry about making ends meet.

'The growth of income among the retiring population is a clear sign they are taking the opportunity to prepare for the future, and prioritise their outgoings to clear existing debts.'

The survey also found that the average saving pot for over-55s has fallen by over £4,000 in the last quarter - down from £18,364 in the third quarter to £14,544, with savings having fallen particularly significantly among those aged over 65.

Having to dip into savings to maintain their standard of living has seen the percentage of the long-term retired who now have less than £2,000 saved increased from 23% in the third quarter to 30% in the three months to December.

This article appeared in our December 2012 issue of The Actuary .
Click here to view this issue

You may also be interested in...

ta filler

Stronger economic growth 'will drive global insurance premiums up'

Next year will see global non-life insurance premium rates continue to rise at a moderate pace while life premium rates return to growth after not growing this year, Swiss Re said yesterday.
Wednesday 12th December 2012
Open-access content

Pension buyout activity accelerated in third quarter, says JLT

A total of £2.5bn worth of pension buyout deals have been finalised so far this year, after the third-quarter saw de-risking activity accelerate, JLT Pension Capital Strategies said today.
Monday 10th December 2012
Open-access content

State-funded pensions for councillors should end, says government

The government has announced plans to end ‘taxpayer-funded’ pensions for local government councillors in England, saving an estimated £7m a year of public money.
Wednesday 19th December 2012
Open-access content

Gender ruling 'will increase young women's motor premiums by 40%'

Women under 25 face motor insurance premium rises of up to 40% from today as the European Union ban on gender pricing comes into effect, according to PricewaterhouseCoopers.
Friday 21st December 2012
Open-access content

Capita warns men against rushing annuity purchases

Men have been warned against rushing into annuity purchases before new European rule changes banning gender-specific insurance contracts take effect later this month.
Tuesday 4th December 2012
Open-access content

Solvency II 'has been ruined by implementation'

A vast majority of UK non-life insurance companies are frustrated by the way Solvency II is being introduced, according to research published by Grant Thornton today.
Monday 3rd December 2012
Open-access content

Latest from Life insurance

ytg

Seek cover

When it comes to sustaining your products’ performance in a ‘polycrisis’, customer engagement is key. Marco Spagnuolo outlines how life insurers can weather today’s economic storm
Wednesday 1st March 2023
Open-access content
67

Knock-on effects: the risks of cyber crime for life insurers

Life and health insurers need to consider how cyber risk could potentially impact them, say Visesh Gosrani, Mikhail Norshteyn and Karl Oliver
Wednesday 30th November 2022
Open-access content
tsj

On the write track: using machine learning to predict underwriting decisions

Yafei (Patricia) Wang looks at the use of machine learning to predict underwriting decisions for life and health insurance
Wednesday 3rd August 2022
Open-access content

Latest from December 2012

2

First fracking operation approved in England since 2012 ban

The High Court have ruled today that a fracking operation in North Yorkshire can proceed despite thousands of objections, the first to be given the green light since a ban was lifted in 2012.
Tuesday 20th December 2016
Open-access content

TPR urged to go further on DB investment

The Pensions Regulator should do more to inform defined benefit pension trustees of their scope to invest in businesses outside their covenant ‘net’, actuarial firm Hymans Robertson has said.
Monday 10th February 2014
Open-access content

Employer covenant research open for discussion

On 28 January, research work commissioned by the profession and undertaken by Barrie & Hibbert and PwC on the employer covenant will be presented to members. The research was commissioned to look at alternative ways of valuing the employer covenant in pension scheme work.
Tuesday 22nd January 2013
Open-access content

Latest from formbuilder_item_removed

2

Implementing IFRS 17 Discount Curves: Theoretical and Practical Challenges

The International Financial Reporting Standard (IFRS) 17 requires liability cash flows to be discounted at rates that reflect the characteristics of the cash flows, including their liquidity
Tuesday 3rd September 2019
Open-access content
2

Profit Emergence Under IFRS 9 and IFRS 17: The impact of choice of liability discount rate

With the IFRS 17 accounting standard, insurers need to understand the patterns of profit emergence that arise under the standard, and how current business and methodology decisions affect such patterns.
Wednesday 10th July 2019
Open-access content
2

Whitepaper: Aggregation and diversification of the IFRS 17 Risk Adjustment

This paper forms part of a series of high-level papers designed to provide an introduction to different features of the risk adjustment that should be considered in advance of implementation.
Tuesday 29th January 2019
Open-access content

Latest from no_opening_image

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
web_p24_cat-and-fish_iStock-483454069.png

Sensitivity analysis: swimming lessons

Silvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis
Wednesday 4th March 2020
Open-access content
ta

IFoA adjudication panel: Mr Jack Wicks, student

On 30 October 2019 the Adjudication Panel considered an allegation of misconduct against Mr Jack Wicks (the respondent).
Friday 28th February 2020
Open-access content

Latest from 12

2

First fracking operation approved in England since 2012 ban

The High Court have ruled today that a fracking operation in North Yorkshire can proceed despite thousands of objections, the first to be given the green light since a ban was lifted in 2012.
Tuesday 20th December 2016
Open-access content

TPR urged to go further on DB investment

The Pensions Regulator should do more to inform defined benefit pension trustees of their scope to invest in businesses outside their covenant ‘net’, actuarial firm Hymans Robertson has said.
Monday 10th February 2014
Open-access content

Employer covenant research open for discussion

On 28 January, research work commissioned by the profession and undertaken by Barrie & Hibbert and PwC on the employer covenant will be presented to members. The research was commissioned to look at alternative ways of valuing the employer covenant in pension scheme work.
Tuesday 22nd January 2013
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Pricing Associate

Scotland / England, London
Up to £60000 per annum
Reference
149081

Outside IR35 - Reserving Contract - 6-8 months

London (Central)
Daily rate contract - outside IR35
Reference
149079

Actuarial Analyst - Longevity Reinsurance

England, London
Up to £55000 per annum
Reference
149080
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ