Millions of older workers are having to delay their retirement after seeing the value of their pensions slashed by stock market falls.
One in four people aged over 50 said they would now retire later than they had planned two years ago as a result of the decline, said consultants Watson Wyatt.
Just under half of the 4,500 workers surveyed said they had seen the value of their savings fall dramatically in the past five years.
Steve Webb, Liberal Democrat work and pensions spokesman, said: "Many people will be horrified to discover their prudence and hard work has been wrecked by a combination of stock market falls and Government policy crippling funds."
Friday August 22, 2003
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