UK - Compulsory retirement should be scrapped to alleviate the pensions crisis, a study by the Chartered Institute of Personnel and Development claims.
The two-year report – carried out by the Tomorrow Project – concluded that retirement should no longer be a distinct phase of life.
The study found having so-called “liquid lives” would allow workers to rely less on the state pension while contributing more to their occupational scheme.
It would also address skill shortages, with a greater number of older works employed, and help to avoid age discrimination among employers.
The report said the measure would require a state pension to be set above the poverty line and paid from 70, with the flexibility to take a lower pension earlier or higher pension later than this age.
The need for compulsion would be alleviated through the establishment of a “lifetime savings account” with funds matched by the government that would pay for housing, learning and retirement income.
Co-author Michael Moynagh said: “People are retiring later and staying in education longer. The answer doesn’t lie in postponing retirement and forcing people to work longer.
“What we need is greater flexibility, a better state pension and more attractive systems for saving so that people can make their own decisions about when and how to stop working.”
The 100 largest global pension funds are widely ignoring climate-related risks despite recent warnings by UN scientists, the Asset Owners Disclosure Project (AODP) says.
Premier Inn owner Whitbread has cut its defined benefit (DB) pension deficit to £162m ahead of its agreed £3.9bn sale of Costa Coffee to Coca-Cola.
Trends in longevity and mortality have proven difficult to forecast historically, but are vital to funding schemes and ensuring adequate retirement pots. James Phillips explores the key influences
The two-sided simplified annual pensions statement should be applauded, even if it missing information, says Jonathan Stapleton.