Longer working life for thousands

Britain's pensions crisis is prompting thousands of employers to lift retirement ages, raising the prospect that millions will have to keep working into their 60s.

About 15 per cent of employers have already raised retirement ages in the past two years, according to a study published today by the Chartered Institute of Personnel and Development.

The trend looks set to accelerate, with 17per cent planning to do so in the next two years. In the bulk of cases, the changes mean that someone who retires at 60 will receive a less generous pension.

Pension schemes are prime candidates for cutbacks for firms eager to cut costs.

Some private sector workers have resorted to strikes, and the Public and Commercial Services union is threatening industrial action over the Government's plan to raise the standard public retirement age from 60 to 65.