Lenguaje controlado o especificaciones formales como punto de partida

In Section 6.2.5 it was noted that 3 1 couple households had occupational pensions and it was considered that this was a strong contribution to their comfortable retirement. From the interview data it was found that 15 couple households who had retired and were receiving one or two occupational pensions also had a partner or both partners employed either full time or part-time. Table 6.12 shows households divided into distinct categories where at least one partner was working either full time or part time. These ‘working’ households were further categorised into those receiving either one or two occupational pensions and at the same time examining their declared income. The ‘employed’ income bands of households could then be compared against the incomes of couple households without additional

employment. Table 6.12. also records couple households who were nearing pension age and were still gainfully employed.

Table6.12. Income of retired couple households with employed respondents/partners

Incom e code Annual Household Income 2 Occ Pens + part tim e work l o c c pension + part tim e work 2 Occ Pension + full tim e work 1 occ pensions + full tim e work Total with Occ. pens. Plus work Couple hsehlds with occ. pens. No em ploym ent Couple hsehlds em ployed Full tim e No occ. pension. A Up to £5000 B £5000 - £10000 C £10,000 - £15,000 D £15000 - £20000 1 1 1 E £20,000 - £35,000 3 6 9 3 1 F £35,000 - £50,000 2 2 7 1 G £50,000 - £75,000 1 1 2 H More than £75,000 1 1 2 3 7 1 4 15 13 2

Table 6.12. would suggest that the majority of households that have additional income from employment probably have annual incomes above the national average. An indication of this was provided by Edward Hall in Section 6.3.2 above. He was discussing his household income which had been the equivalent of band F (£35,000 - £50,000) when he and his partner were both employed full time.

Edw ard Hall: When we retired we were both on about twenty five thousand. I was when I retired and [partner] was when she retired later on. And so we were getting about forty thousand [after tax] or so and now that’s

dropped because we don’t have the children in the house anymore and we’ve both got our pensions so I think probably E [£20,000 to £35,000] is the one to go for. (PM17-1)

Their retirement income from public service final salary pensions probably ‘dropped’ to half of their employed incomes which would have been just about the average national wage. Continuing part-time employment for both partners would therefore have increased their retirement income to above the average national wage. (With both partners receiving state pensions Edward may have been under estimating his actual income.)

Table 6.13 shows that a majority of those households with occupational pensions but without post retirement employment had incomes well above the above national average. This would indicate that their incomes when employed would have been commensurate with very senior positions. A further point that table 6.13 reveals is that the two highest earners in the sample were not only receiving one or two occupational pensions but were also in full time employment which added considerably to their overall income and wealth.

Table 6.13 records all households, couple and single, with their post retirement employment status by cohort. Those households with at least one partner working and with one or two occupational pensions are shown.

Table 6.13. Income from employment. All households by cohort

Retired Households w ith additional em ploym ent and occ. pensions received by at least o n e person

Not retired. No occ pens, received

Employment type

Part -tim e Full­ tim e No em ploym ent Total retired Full tim e Part- tim e Total Cohort 1 5 0 10 15 0 0 0 Cohort 2 1 3 9 13 0 0 0 Cohort 3 2 2 2 6 4 2 6 Totals 10 4 20 34* 4 2 6

* includes one household w ith o u t an occupational pension

It is noticeable that of the 34 households with occupational and state pension incomes, 14 were also receiving employment incomes and of those 5 were in the oldest cohort, cohort 1. Cohort 3, the youngest cohort, had 6 retired households with 4 pension recipients working.

The other 6 households were still employed without an occupational pension. The current employment of respondents in each cohort will be briefly discussed. Cohort ages were calculated from 2008 when interviewing commenced.

i) Cohort 1 Aged 69-82

The five respondents and one partner still working in cohort 1 were working part-time or occasionally when required.

Edward Hall, cohort 1, who was 74, had been a university lecturer and specialist in Burmese studies. His employment was occasional but sometimes involved working full time for a contracted period, often travelling abroad.

Edw ard Hall: I’m intermittently employed. I’ve retired from full time work but I get taken on to do short teaching courses. Some of them full time, some of them part-time. The other thing is I get quite a lot of enquiries from people around the world saying ‘can you help me with this particular Burmese font or this text or can you write a reference for m e’. That sort of stuff. (PM 17-1) Similarly his partner, Doris, 64, was a clinical psychologist who worked occasionally if her previous employer required temporary cover.

George Davies had been the general manager of a small engineering company. Although he was 77 he was still employed, part-time, as his ‘historic’ knowledge of the company’s operations and the business connections that he had established were still of value to the company.

George Davies: I’m partly employed. I do a day or part of a day a week on property matters for my old company. And I’m at home to take calls and make calls the rest of the week and although it’s only a retainer and I do one day a week I do a lot more than that. (PM08-I)

Donald Jackson was 78 and had been a journalist and now received ‘a tiny amount of freelance earnings’ for continuing to edit his company’s house journal. Jack Watson was 72 and had been a college lecturer but had retired early. He had continued lecturing part-time for a number of years but his latest employment was about to end.

Jac k W atson: So I got a part-time job in a sixth form college. That has

persisted for four years and I am being retired because the courses I have been teaching are being closed. So that’s my employment circumstances since retirement. (SM34-I)

Linda Roberts was 70 and a retired secondary head teacher. At the time of her

interview she was about to start teaching two adult education classes per week for which she was being paid. She also had a number of unremunerated posts which were closely related to her main teaching career.

Cohort 1 respondents were working through choice but also because they possessed an expertise which was still wanted and was probably difficult to replace. The remittance that they received, although adding to their retirement income, appeared almost incidental.

ii) Cohort 2 A ged 63-68

In cohort 2, three households had income fi*om full time employment and I from part-time employment as well as each household having an occupational pension.

Charles Wilson had retired with a company pension but his partner, Martha Parker, 50, was fifteen years younger than him and was working full time.

In another couple household, in cohort 2, Shirley and Albert Green, had occupational and state pensions but were both working for an employer and were also managing their own house and flat letting business, as noted in Section 6.5. Shirley was working full time and Albert part-time. Although Shirley had two occupational pensions they felt that they needed to supplement Albert’s income as his pension was relatively sm all..

Shirley Green: He has got a work pension which isn’t very much because he didn’t contribute for many years because we put his money into property and he’s got a state pension. (PFI6-2)

In a single person household Margaret Lewis, a self-employed single woman, was at 66 the oldest full time working respondent. She had acquired a company pension fi*om an earlier career.

Hi) Cohort 3 A ged 56-62

In Cohort 3, all but two households interviewed had some form of paid employment income. The two households with the highest income in the sample were both in cohort 3.

One household, Patricia and Ralph Evans, had both partners working after both had formally retired from previous employment with full occupational pensions. Patricia Evans, aged 62, had become PA and director/secretary of the company which she and her partner, Ralph, had established. Ralph had assumed full time employment with another company which had ‘head hunted’ him for his expertise. He also had consultancy work which attracted extra income. Consequently their post retirement household income was one o f the two highest recorded in the sample.

In the other high earning couple household, Henry and Judy Baker, were working full-time and part-time respectively. Judy, aged 60, had retired from her main career with an occupational pension but had continued with the same employer on a part time basis. Henry, aged 61, also supplemented his full-time income with consultancy work.

There were only two couple households, in Cohort 3, who were fully retired. Dennis Turner, had retired early at 50 but with a full pension and lump sum. His partner Virginia also had a full occupational pension and the state pension. The other non working couple were Carolyn and Henry King. Carolyn had retired at 60 from teaching with a full occupational pension and Henry 63, had been made redundant from a private company with a financial settlement. He was dependent on investments for income which tended to fluctuate. Both couples declared their household incomes as well above average.

There were six households in cohort 3 where respondents were still employed and did not have occupational pensions. Two of those were single female households who were also receiving their state pension. The incomes of all six households were above the national average for 2008/9. They all had good pension arrangements and would join the ‘comfortably retired’ when they stopped working.

iv) Comparison between cohorts

One of the biggest contrasts between cohorts in the whole study was in employment after retirement. As might be expected, cohort 3 had most households in employment as that cohort was either just receiving or about to receive the state pension. For those who continued in employment after retirement their retirement incomes were naturally enhanced. In two cases, in cohort 3 the households had very high occupational incomes which were enhanced by receiving occupational pensions.

It was noticed, however that all of those employed after retirement, including 5 out of 15 households in cohort 1 were continuing with work which was closely associated with their careers. Nobody had started a new career after retirement. This would suggest that although respondents were adding to their income and wealth by continuing to work they were doing so from a sense of commitment and professional interest as well as for some financial reward.