A new study has shown that Lincolnshire Community Health Services NHS Trust has seen one of the highest increases in people aged 66 and over choosing to stay in employment, past the state pension age.
The research, compiled by financial planning experts, Money Minder, sent Freedom of Information (FOI) requests to more than 50 NHS Foundation Trusts across England to reveal how many workers aged 66 and over were staying within permanent contracts within the NHS.
With surging inflation, energy bills and food prices, senior citizens could be choosing to work past retirement age to cope with these rising new costs and help them maintain a good quality of life.
Lincolnshire Community Health Services NHS Trust came in 26th place in the list of NHS Hospital Trusts employing more people past retirement age and has seen one of the highest increases of people staying past 66 with a 39.9% increase. The hospital saw a rise from 22 to 30 in the last four years.
In 2018, there were 5,900 seniors working past retirement age in the UK. In 2022, that number currently stands at 6,849.
TOP 10 NHS TRUSTS WITH PEOPLE AGED 66+ ON A PERMANENT CONTRACT
|
Rank |
Hospital |
% increase between 2018 – 2022 |
|
1 |
Barnsley Hospital NHS Foundation Trust |
170.83% |
|
2 |
Robert Jones and Agnes Hunt Orthopaedic and District Hospital NHS Trust |
163.64% |
|
3 |
Cornwall Partnership NHS Foundation Trust |
115.63% |
|
4 |
East Midlands Ambulance Service NHS Trust |
96.30% |
|
5 |
East Lancashire Hospitals NHS Trust |
92.98% |
|
6 |
University Hospitals Plymouth NHS Trust |
87.8% |
|
7 |
Royal Devon and Exeter NHS Foundation Trust |
86.21% |
|
8 |
West Suffolk NHS Foundation Trust |
71.11% |
|
9 |
Portsmouth Hospitals NHS Trust |
69.86% |
|
10 |
Devon Partnership NHS Trust |
67.35% |
Commenting on the research, Ray Black, Managing Director and chartered financial planner at Money Minder, said: “The rising cost of living has meant that some seniors have decided to adapt their way of living to afford the increase in bills, or potentially, they are still working in order to fund a more rewarding retirement lifestyle. That means for many, even though they have reached state pension age, retirement may not be an option, or they have retired, drawn their NHS pension and then decided to return to work.
“While we are facing these challenging times of high inflation and low interest rates, for some seniors that have been working and saving for retirement for decades, having to stay at work or re-entering the workforce will be a bitter blow. For others, it will be a positive decision they have made because it allows them to enjoy more time with their family while also enjoying a similar net monthly income to when they were working full-time.
“Having delivered retirement and investment planning workshops to NHS staff for around 20 years, we have seen the ‘retire and return’ option become more and more popular. For some, they will have decided to return to work after drawing their NHS pension scheme because they want, or need, the extra income it provides them with.
“For others, it will be because they are not quite ready to retire and feel they have more to offer but would prefer to do so on a part-time contract, rather than full-time. And for others, the extra two or three days a week helps pay for the longer holidays and trips abroad that they want to enjoy. In my experience, semi-retirement as opposed to full retirement has become much more appealing in the 60 to 66 plus age group over the last few years in all industries, not just for NHS workers.
“Lincolnshire Community Health Services NHS Trust has witnessed the increasing trend of people choosing to work past their expected retirement age firsthand and it helps to confirm how important it is to make sure you’re aware of your retirement options, what your pension income will be and what to do with your savings in a high inflation period.
“By using our online budget calculator you can identify how much money you need to maintain or even enhance your retirement lifestyle. Where applicable, you can also use our online pension drawdown calculator to assess the risk of running down your pension funds too soon and to consider the pros and cons of putting in place a guaranteed income for life in comparison to keeping your pension funds invested over the longer term.
“These are really important steps to take for anyone considering retirement to ensure this chapter of your life is as enjoyable and rewarding as it can be by taking full account of the commitments and plans you have for a satisfying retirement. In the current climate, staying one step ahead can help to slightly ease the financial pressures and will help you to make well-informed decisions.”
