By Richard Johnstone | 5 September 2013
Nearly one-third of public sector workers are considering returning to work part-time after their retirement due to concerns over how they will be able to cope financially.
The poll of public sector workers by the Teachers Assurance financial education firm found that teachers are the most likely public sector workers to come back to work, with half saying they expected to. Nearly one-third of civil servants (30%) are also considering taking on extra shifts, as are 26% of health service workers.
Many public sector workers are daunted about their finances after retirement, the report found. Around 41% of respondents across all services said that retirement was a worry for them, a figure that rose to 47% in teaching and to 44% in the NHS, but dipped to 35% for civil servants.
Workers in the NHS were most likely to believe they would not have enough money when they retire, which was admitted by 28%, whereas police workers were least likely to worry that they would not have enough. Only 10% said this was a fear.
Teachers were the public servants most likely to state that they didn’t really have any understanding of retirement benefits, which 14% admitted. This is compared to just 6% of civil servants and a 10% average across all public services.
Teachers also have a lack of knowledge about what their pension will be worth to them, with 41% stating they didn’t know the amount of lump sum they would receive, compared to an average of 36% across all public sector workers.
Abby Bowman, head of brand at Teachers Assurance, said the report revealed a ‘worrying’ lack of understanding about pension provision in the public sector.
‘Thirty-five percent of the teachers who were worried about not having enough money for retirement stated they would either live frugally or have to change their expectations as a result of their lack of preparation. This demonstrates that through failing to prepare for retirement early, teachers are running the risk of having to compromise the lifestyle they want.’
