Default retirement age

The Organisation for Economic Co-operation and Development today recommends the UK government further increases the state pension age to combat rising costs.

A third of employers say abolition of the default retirement age will prompt them to better promote their company pension scheme, Hargreaves Lansdown says.

Employers will lose the right to force people to stop working at age 65 when the default retirement age is scrapped in April.

Government plans to scrap the default retirement age are "not fit for purpose" and should be delayed by a year, the Confederation of British Industry says.

Martin Palmer of Friends Provident looks at how current developments could affect pensions

Employers must formalise their flexible retirement policies ahead of the abolition of the default retirement age or risk breaching age discrimination laws, JLT Benefit Solutions warns.

The government should push back scheduled scrapping of the default retirement age to allow businesses to plan for it more effectively, employer groups say.

The coalition government must identify what motivates people to save and abandon the previous administration's "piecemeal" approach to pension and saving reform, Aegon says.

The decision to get rid of the default retirement age and allow people to work after the age of 65 if they want to is a noble aim.