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.”
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