Those with private wealth 'can set an example in retirement'

Individuals with private wealth could set an example for those on lower incomes by working longer than the traditional retirement age, it has been suggested.

Robin Ellison, partner at law firm Pinsent Masons, advises well-paid Britons working longer could improve wealth management by ensuring pension pots are worth more when they are finally claimed.

The legal expert claims this would also create a positive trend for less well-off individuals to follow, commenting: "The government policy is to encourage everybody to work for as long as they can, not to think of a retirement age."

For those with private wealth, staying in employment longer might enable investment portfolios to be diversified, or ensure family and loved ones are financially supported for many years to come.

A recent report from Barclays Wealth revealed 60 per cent of those with private wealth in the UK never plan to retire, continuing to work and potentially taking on new professional roles in their later years.  ADNFCR-2318-ID-800088857-ADNFCR