Husbands forced to work longer

Friday 8 March 2013

The rising state pension age for women is also forcing their husbands to work for longer, a new study has revealed.

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Vicky Shaw

Researchers found 8300 more men were employed than they otherwise would have been after examining the impact of the increasing women's pension age over the past two years.

The Institute for Fiscal Studies (IFS) suggested men’s changed behaviour could be due to husbands reworking plans so they can retire at the same time as their wife.

Alternatively, the think-tank said men are having to delay their own retirement to make up their partner’s lost pension income. Co-author Jonathan Cribb said: “Increasing the age at which women can first receive their state pension has led to significant numbers of women deferring their retirement, with more than half of women aged 60 now in paid work for the first time ever. “We also find some husbands are responding by remaining in work for longer.” He added that the initial findings suggested the rise has had a positive impact on the jobs market. Researchers used data since the female state pension age began to increase from age 60 in April 2010 to examine the impact on the labour market during the downturn. Employment rates among 60-year-old women increased from 41.5% to more than half (51.4%) due to the rise to age 61 for retiring women. It meant 27,000 more women were in work than otherwise would have been and overall there were 35,000 more men and women working as a direct result of the increase to the state pension age. The report said UK’s public finances have been strengthened by about £2.1 billion as a result of the changes and future increases in the state pension age are likely to lead to a “substantial increase in employment”. People taking retirement recently have recently been hit by falling annuity rates and Joanne Segars, chief executive of the National Association of Pension Fundswho described the study as intriguing added: “Some might be trying to postpone turning their pension pot into an annuity while rates are so poor.”

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Husbands forced to work longer

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