The proportion of UK older workers planning to work beyond their retirement age has risen dramatically over the last two years, suggesting that the credit crisis has badly damaged their personal pension arrangements.

According to the Chartered Institute of Personnnel and Development, 71% of individuals aged 55 and over expect to keep working, against 40% two years ago, when market values were considerably higher. Financial issues were cited by the respondents to a CIPD survey of 2,000 individuals.