Employers need to integrate pensions policy with recruitment and flexible working policies if they are to manage ageing workforce effectively.
United Utilities head of pensions Steven Robson said the removal of default retirement ages means employers no longer have certainty on when people will retire which can affect recruitment and training plans.
"Pensions used to sit to the side but now we are very much involved in this. Every year we look at who we need to employ and where gaps may exist. What happens if you take on a number of apprentices train them up and then in five years' time the people that you thought would retire haven't. Getting this balance right is really important," he said.
Robson also highlighted the issue of managing people who continue to work on when their health might be failing them.
"What do you do in that situation? No-one wants to be put in the position of having to manage someone out of the business," he said. "We need to help people to retire on a decent income."
Research shows the issue of healthy life expectancy will prove problematic. There are huge regional differences with 100% of local authorities in the north east having a healthy life expectancy of less than 65 years. This was also the case for 93% of councils in the Yorkshire and Humber region and 87% of councils in the North West. On average 73% of local authorities in England have healthy life expectancy of less than 65 years.
PMI president Lesley Alexander and the institute's immediate past-president Lesley Carline talk about the challenges of Covid-19 and the opportunities and challenges the industry faces in the future.
The Pensions Administration Standards Association (PASA) has announced global consultant Deloitte as its expert knowledge provider for data.
This week’s top stories included further support for an overhaul of the pension tax regime, while the Treasury confirmed the Retail Prices Index will be reformed by 2030.
XPS Pensions posted a 9% increase in revenues during the six months to 30 September – a rise driven by a number of large client wins.
Here they are - the winners of the 3rd annual Women in Pensions Awards...