Boris Johnson: Working in our eighties will keep us fit

Boris Johnson today said Londoners should be able to work into their eighties amid concerns over collapsed pension values and poverty in old age.

The Mayor said working later in life would help keep older people fitter so they could fully participate in life in the capital. The move would also relieve pressure on public services, which are facing deep cuts, as well as injecting billions more into the economy.

It came as the Government suggested it could raise the pension age to 66 within five years, far sooner than expected as life expectancy grows.

Mr Johnson said: "I am committed to ensuring that all Londoners, irrespective of age, are able to realise their potential. There is no sound reason for people to be unable to work or participate in the life of the capital simply because they are older.

"People in their sixties, seventies and older bring a wealth of experience, insight and talent. Being able to work, if they want to, may reduce the prospect of isolation and also keep older people fitter and healthier."

At an Older People's Assembly at City Hall, pensions minister Steve Webb added: "We must harness the skills and experience of our older generations."

There are almost 1.2 million people over 60 living in London, 15 per cent of the population. The number is expected to rise by three per cent over the next two decades.

National figures from the Office for National Statistics show the ratio of four working adults for every pensioner will fall to three within a decade and two by 2040.

Ministers are frank about the need to reduce the pressure on public finances by forcing workers to delay retirement.

They plan to scrap the default retirement age from October next year which would see firms no longer able to dismiss staff at 65.

Len Duvall, Labour leader on the London Assembly, said: "It must always be a matter of personal choice and of course depends on the type of job."