Elderly people typically need a pension because they are not working and have no labour income. But there is more than one reason for stopping work through retirement: some individuals withdraw from the labour force because they are too ill to work, while others choose to retire because they have a generous pension and have no need to work. The relationship between having a pension and retirement depends a lot on the rules of a pension and an individual’s circumstances.
To complicate things further, there are several different types of pension even just within the UK. In addition, major changes to pensions have been announced by the chancellor, George Osborne, both in the 2014 budget and at the Conservative Party conference.
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