UK - Tax simplification proposals on early retirement are attracting considerable interest from scheme members, delegates were told.
BP pension scheme technical adviser Louise Phipps said she had already had a large number of queries from active members planning to retire early and deferred members who left with the expectation of early receipt of their pension.
Phipps said she had been telling members it was still too early to comment but BP was considering what to do for actives – either take the “cliff edge” early retirement at 50 approach or an incline of the increase to 55.
She said: “The company will find it hard to defend giving people less flexibility than the law allows and I should imagine that the cliff edge will be the most attractive proposition. But this could give us a major problem in 2009 with a queue of 50 to 54-year-olds wanting to go to beat the deadline.”
She added: “The provision for flexible retirement is going to give us an administrative headache but is likely to be attractive to both employer and employee in certain circumstances.
“I can see this developing as a tool to aid retention at higher ages and downshifting to meet work and personal needs.”
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