News in brief – 19 August 2022

The number of people aged over 65 in employment increased by 174,000 in the three months to June 2022 compared to the start of 2022, figures from the Office for National Statistics have revealed.

The data showed that the employment rate of over-65s was 11.9 per cent in Q2, the highest figure on record and 1.4 percentage points higher than the start of the year. In comparison, the employment rate of people aged between 16 and 64 had fallen from 75.6 per cent at the start of 2022 to 75.5 per cent. AJ Bell stated that surging inflation was the most likely reason for this ‘great unretirement’, with those who quit the workforce during the pandemic being forced to return to work to boost their income.

Millions of pensioners are not receiving the maximum amount of state pension, analysis of Department for Work and Pensions data by Interactive Investor has found.

The average weekly payment for 12.5 million people receiving a state pension was £159.81 in February 2022. Under the new state pension, the average was £168.40 per week and under the pre-2016 basic state pension it was £157.63 a week. However, the full weekly new state pension was £179.60 in February 2022, so the amount received by the average pension was around £20 a week lower than the headline figure. Those receiving the new state pension got nearly £11 a week less on average.

Just Group has become the first provider in the retirement income space to partner with Comentis, a digital cognitive assessment tool.

The firm stated that the partnership was part of its drive to identify and support customers with characteristics of vulnerability. The cognitive assessment engine aims to help Just Group identify ‘at risk’ customers though a clinically developed, online process. The assessment provides a report on the nature of any vulnerability, how this impacts the customer and how Just Group can better support the customer’s needs.

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