UK - Britain's manufacturers want the government to set a standard retirement age of 65 when it introduces EU legislation on age discrimination in 2006, a joint survey by manufacturers' organisation EEF and Aon Consulting has found.
Two thirds of the 525 companies that responded to the survey supported a retirement age cap of 65 years. Only one quarter wanted the age set at 70 and fewer supported having no set retirement age, EEF and Aon said.
The survey also found almost 90% of companies wanted the state pension age to remain at 65 after 2020.
And nearly a third had some part-time employees over 65 – which in the majority of cases was the company’s normal retirement age.
Aon principal and actuary Paul McGlone said: “These figures show clearly that, while there may be a developing consensus among pension experts that the state pension age should rise, this view is not accepted in the wider community.
“Before this government or any government can increase the state pension age a significant amount of persuasion still needs to be done.”
EEF deputy director of employment policy David Yeandle said: “The number of manufacturing companies employing full-time or part-time employees beyond their normal retirement age suggests that employers and their older employees are agreeing voluntary arrangements which are felt to be mutually beneficial.
“The government is already pursing a positive approach to the culture change that is needed to encourage the employment of older employees through its Age Positive programme. This approach is the right way forward and is likely to receive far greater support from employers than introducing age discrimination legislation in a way that creates complex and expensive problems for employers.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.