Standard Life responds to Government review of retirement age

John Lawson, Head of Pensions Policy, Standard Life: "We welcome the announcement that the government is to bring forward its review of retirement age.

"We have long recognised that traditional notions of retirement are dead with baby boomers more ambitious than any other generation before for a future when they will be healthier, wealthier and live for longer.

People do not want to be told they should stop work at a certain age.

Instead, they want to work on their own terms and even start their own businesses into the future.

It is time to remove barriers to working into later life and support people in having the flexible active future they aspire to.

In March this year, Standard Life launched 'The Death of Retirement' into the attitudes and perceptions of those over 45 towards retirement.

Research highlights include: One in sixteen baby boomers (7%) stated they hoped to embark on a new business venture in their long term future.

This is seven times the number from their parents' generation.

85% of the UK population do not intend to stop work altogether post retirement age.

A third (33%) of the population simply want to continue in full time work post retirement age, but on their own terms.

Over 55 year olds are most likely of all age groups to be active in the community, most likely to be travelling abroad and least likely to be lonely.

Of all age groups, over 55s are most likely to be happy and content.

John Lawson continued, "Without baby boomers continuing to work past the traditional retirement age of 60 to 65, the working population will fall relative to those not in work.

This is called the support ratio and is currently around 1:1 in the UK (29 million in work and a total population of 61 million).

With fewer people economically productive, taxes would have to rise substantially for those generations following on.

Therefore, encouraging baby boomers to fulfil their dreams will also maintain fairness between the generations.

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