Over one in seven (15%) retirees are returning to work or are considering doing so in order to address financial pressures and a lack of pension provision, Standard Life has found.

The group’s Retirement Voice report showed that 7% of retirees aged over 55 have already gone back into work, while 2% are actively looking for employment. A further 6% said they are considering going back to work.

Standard Life said that income-related factors have driven a "significant number" of over-55s to unretire and re-enter the workforce.

Over a third (34%) have found their living costs have increased, while 27% have realised their pension is not providing enough to live on.

Furthermore, 43% want to earn more money so they can treat themselves more in retirement.

Others that have gone back to work post-retirement cited social reasons, with 38% stating that they are bored and 20% saying they felt lonely out of work.

Retirement savings director at Standard Life, Mike Ambery, said: "Money isn’t the only reason people return to work after retiring - but it certainly seems to be a big factor. Recent retirees couldn’t have foreseen the cost-of-living issues that have squeezed their retirement incomes, and many are now being forced to rethink their plans and return to work to supplement their income.

"Fewer people currently saving for retirement have gold-plated employer pensions, guaranteeing a set income in retirement, with more of us having to consciously engage and manage our own arrangements. It’s therefore vital for today’s workers to take an interest in their pension throughout their careers."

Standard Life said that with many retirees returning to work because of their finances, its analysis suggests that gradually winding down work could provide an alternative to the traditional "cliff-edge retirement model".

For example, someone that began working on a salary of £25,000 per year and paid the minimum auto-enrolment contributions from the age of 22, could have a total retirement fund of £193,000 by the age of 66.

However, for someone that worked three days a week from the age of 66 to 70 could add £27,000 to their pension pot.

Director at Phoenix Group, Catherine Foot, concluded: "While some have enough finances to retire early out of choice, many fall out of work in their 50s and 60s due to reasons such as caring responsibilities or ill health and plan to return as soon as they are able. Phoenix Insights found the average total wealth for a 50-64-year-old out of work due to ill health is just £57,000, less than 5% the wealth of those who retire early out of choice (£1.24m).

"Being out of work before state pension age is a major driver of pre-retirement poverty, so it’s critical the Government and employers to better support this group to remain in employment. Providing access to flexible work is one of the most important factors to enabling this."

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