US - Companies are increasingly considering phased retirement programmes as they face an unprecedented talent shortage, according to Hewitt Associates.
While just one-in-five (21%) believed phased retirement was critical to their company's human resources strategy today, that number nearly tripled (61%) when employers looked ahead five years.
According to Hewitt, 47% of companies said they had some type of phased retirement arrangement available to their employees, but very few (5%) had actually formalised those programmes. Almost 40% expressed an interest in establishing a phased retirement program in the future.
Allen Steinberg, principal at Hewitt Associates, said both employers and their workers could benefit.
He said: "With the rising tide of boomer retirees, employers will be losing key talent at a time when attracting and retaining skilled workers will be more important than ever. At the same time, rising medical costs, lengthening life spans and the declining prevalence of traditional pension and retiree medical benefits mean that employees will either have to work longer, save more or live with significantly less than they are accustomed to.
"As these trends converge, we believe phased retirement programmes will continue to become more attractive options for both employers and employees - they provide employers with new ways to retain critical talent and, at the same time, help employees meet their needs."
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.