Contractors and other professionals are working later into their lives, experts have said.

The decline of final salary pension schemes along with the increasing cost of higher education means that people need to work for much longer than they would have in the past, according to Rachel Krys from Inclusive Employers.

"Whereas ten years ago you saw more people in their 50s and 60s with final salary schemes, fewer people are doing that now, so they are having to work for longer," she explained.

However, she did add that employers are also keen to keep older people in the workplace.

This comes after research by LV= revealed 24 per cent of over-50s claim they would have saved more for their pension if their funds were more flexible.

However, seven per cent said that a more informal pension arrangement would have led to them saving less.